Banc of California (NYSE:BANC) Rating Reiterated by Stephens

Stephens reissued their equal weight rating on shares of Banc of California (NYSE:BANC) in a report released on Wednesday, Benzinga reports. The brokerage currently has a $14.00 price target on the bank’s stock.

Several other analysts also recently issued reports on BANC. Piper Sandler cut their price target on Banc of California from $20.00 to $19.00 and set an overweight rating on the stock in a report on Monday, May 13th. Barclays reduced their price objective on Banc of California from $15.00 to $14.00 and set an equal weight rating for the company in a research report on Wednesday, July 24th. Truist Financial raised their price objective on shares of Banc of California from $13.00 to $15.00 and gave the company a hold rating in a research note on Wednesday, July 24th. Wells Fargo & Company dropped their price target on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research report on Tuesday, July 9th. Finally, DA Davidson dropped their price target on Banc of California from $20.00 to $17.50 and set a buy rating on the stock in a report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Banc of California currently has a consensus rating of Hold and an average target price of $15.69.

Banc of California Price Performance

BANC stock opened at $13.81 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average is $13.65 and its two-hundred day moving average is $13.92. The company has a market capitalization of $2.17 billion, a PE ratio of -4.15 and a beta of 1.13. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.54.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). The company had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the previous year, the firm posted $0.32 EPS. Analysts predict that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Monday, September 16th. Banc of California’s payout ratio is presently -12.01%.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 7.37% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Several large investors have recently made changes to their positions in the business. CWM LLC grew its holdings in shares of Banc of California by 872.1% during the 4th quarter. CWM LLC now owns 6,785 shares of the bank’s stock worth $91,000 after purchasing an additional 6,087 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Banc of California by 193.3% during the fourth quarter. New York State Common Retirement Fund now owns 53,496 shares of the bank’s stock worth $718,000 after buying an additional 35,256 shares in the last quarter. Truist Financial Corp increased its holdings in Banc of California by 9.8% in the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after buying an additional 1,223 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Banc of California by 203,843.2% in the 4th quarter. Russell Investments Group Ltd. now owns 75,459 shares of the bank’s stock valued at $1,013,000 after buying an additional 75,422 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Banc of California by 156.8% during the 4th quarter. Swiss National Bank now owns 295,114 shares of the bank’s stock worth $3,963,000 after acquiring an additional 180,214 shares during the period. Institutional investors and hedge funds 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.