Banc of California (NYSE:BANC) Receives “Equal Weight” Rating from Stephens

Stephens reaffirmed their equal weight rating on shares of Banc of California (NYSE:BANC) in a research note released on Thursday, Benzinga reports. Stephens currently has a $16.00 price objective on the bank’s stock.

A number of other research firms also recently weighed in on BANC. Truist Financial reduced their price target on shares of Banc of California from $16.00 to $15.00 and set a hold rating on the stock in a research note on Thursday. StockNews.com started coverage on shares of Banc of California in a research report on Monday, January 29th. They issued a hold rating on the stock. Keefe, Bruyette & Woods upgraded shares of Banc of California from a market perform rating to an outperform rating and upped their price target for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. Wedbush dropped their price target on Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research note on Wednesday. Finally, Barclays lowered their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $16.64.

Banc of California Trading Up 0.8 %

BANC traded up $0.11 during trading on Thursday, hitting $14.21. 79,470 shares of the stock traded hands, compared to its average volume of 2,455,964. The business has a 50 day moving average price of $14.50 and a 200 day moving average price of $13.32. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period last year, the firm posted $0.37 EPS. As a group, sell-side analysts anticipate that Banc of California will post 1.5 EPS for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.81%. The ex-dividend date was Thursday, March 14th. Banc of California’s payout ratio is presently -12.01%.

Insider Activity

In other news, Director James Andrew Barker purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the transaction, the director now owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its stake in Banc of California by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after acquiring an additional 955 shares during the period. Truist Financial Corp boosted its stake in Banc of California by 9.8% during the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after purchasing an additional 1,223 shares during the last quarter. Sippican Capital Advisors increased its holdings in Banc of California by 1.2% during the 3rd quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock worth $1,425,000 after purchasing an additional 1,325 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after purchasing an additional 1,825 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in Banc of California during the first quarter worth $29,000. Institutional investors own 86.88% of the company’s stock.

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.