Banc of California, Inc. (NYSE:BANC) Receives Average Recommendation of “Hold” from Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have earned an average recommendation of “Hold” from the five brokerages that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $17.07.

A number of analysts have issued reports on BANC shares. Wedbush lifted their price target on shares of Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Wells Fargo & Company lifted their price target on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Truist Financial reiterated a “hold” rating and issued a $16.00 price target on shares of Banc of California in a report on Monday, April 1st. StockNews.com started coverage on shares of Banc of California in a report on Monday, January 29th. They issued a “hold” rating on the stock. Finally, Barclays initiated coverage on shares of Banc of California in a report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price target on the stock.

Banc of California Stock Up 0.4 %

Shares of BANC stock opened at $13.86 on Monday. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -4.39 and a beta of 1.15. Banc of California has a one year low of $9.72 and a one year high of $16.08. The company’s fifty day moving average price is $14.47 and its 200-day moving average price is $13.27. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). The company had revenue of $193.06 million during the quarter, compared to the consensus estimate of $163.11 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Sell-side analysts expect that Banc of California will post 1.5 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a $0.10 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.89%. Banc of California’s dividend payout ratio (DPR) is presently -12.66%.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average cost of $21.40 per share, with a total value of $214,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at $214,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 7.37% of the company’s stock.

Hedge Funds Weigh In On Banc of California

A number of large investors have recently made changes to their positions in BANC. JPMorgan Chase & Co. boosted its stake in shares of Banc of California by 43.0% during the 1st quarter. JPMorgan Chase & Co. now owns 227,875 shares of the bank’s stock worth $4,412,000 after purchasing an additional 68,518 shares during the period. Bank of New York Mellon Corp boosted its position in Banc of California by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 583,011 shares of the bank’s stock valued at $11,286,000 after buying an additional 8,380 shares during the period. American Century Companies Inc. boosted its position in Banc of California by 51.3% in the 1st quarter. American Century Companies Inc. now owns 34,077 shares of the bank’s stock valued at $660,000 after buying an additional 11,557 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in Banc of California in the 1st quarter valued at about $225,000. Finally, Citigroup Inc. boosted its position in Banc of California by 12.3% in the 1st quarter. Citigroup Inc. now owns 47,942 shares of the bank’s stock valued at $928,000 after buying an additional 5,255 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.