Stephens Has Lowered Expectations for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC) had its price target lowered by Stephens from $18.00 to $17.00 in a report published on Monday,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

BANC has been the topic of several other research reports. Citigroup initiated coverage on Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target on the stock. Wedbush upped their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. Raymond James upped their target price on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Finally, Keefe, Bruyette & Woods raised their price target on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.20.

Banc of California Stock Up 0.0 %

Shares of NYSE:BANC opened at $16.06 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a 50 day simple moving average of $16.17 and a 200-day simple moving average of $15.10. The company has a market capitalization of $2.55 billion, a PE ratio of -3.76 and a beta of 1.14. Banc of California has a twelve month low of $11.88 and a twelve month high of $18.08.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. On average, equities analysts predict that Banc of California will post 0.71 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.49%. Banc of California’s payout ratio is -9.37%.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently bought and sold shares of the company. Future Financial Wealth Managment LLC purchased a new stake in Banc of California during the third quarter worth $29,000. GAMMA Investing LLC raised its stake in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares during the last quarter. KBC Group NV boosted its position in shares of Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after buying an additional 3,026 shares in the last quarter. Mendon Capital Advisors Corp acquired a new stake in Banc of California in the 2nd quarter valued at about $102,000. Finally, Paloma Partners Management Co purchased a new position in Banc of California during the 3rd quarter valued at about $158,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

About Banc of California

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.