Wedbush Cuts Banc of California (NYSE:BANC) Price Target to $15.00

Banc of California (NYSE:BANC) had its target price decreased by Wedbush from $16.00 to $15.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Wedbush currently has a neutral rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on the company. Truist Financial restated a hold rating and set a $16.00 target price on shares of Banc of California in a research report on Monday, April 1st. Barclays initiated coverage on 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. Wells Fargo & Company upped their target price on Banc of California from $14.00 to $16.00 and gave the stock an equal weight rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods upgraded Banc of California from a market perform rating to an outperform rating and upped their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Finally, StockNews.com assumed coverage on Banc of California in a research note on Monday, January 29th. They issued a hold rating on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Banc of California presently has an average rating of Hold and an average target price of $16.64.

Banc of California Trading Up 1.6 %

Shares of NYSE:BANC opened at $14.32 on Wednesday. Banc of California has a 1-year low of $9.72 and a 1-year high of $16.08. The business’s 50 day moving average is $14.49 and its 200-day moving average is $13.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm 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 in the previous year, the business posted $0.37 EPS. As a group, sell-side analysts expect that Banc of California will post 1.37 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio is currently -12.01%.

Insider Buying and Selling at Banc of California

In other news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the transaction, the insider now directly owns 24,979 shares in the company, valued at approximately $373,935.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Jared M. Wolff bought 7,130 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was acquired at an average cost of $13.98 per share, with a total value of $99,677.40. Following the transaction, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert G. Dyck sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares of the company’s stock, valued at $373,935.63. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 27,130 shares of company stock valued at $445,277. 7.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Banc of California by 143.4% during the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after acquiring an additional 5,311,842 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Banc of California by 49.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after purchasing an additional 1,615,478 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after purchasing an additional 1,791,992 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Banc of California by 345.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after purchasing an additional 1,777,330 shares in the last quarter. Finally, Bayview Asset Management LLC purchased a new position in shares of Banc of California during the 4th quarter valued at $27,297,000. 86.88% of the stock is owned by 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.