Banc of California (NYSE:BANC) Price Target Cut to $17.00 by Analysts at Keefe, Bruyette & Woods

Banc of California (NYSE:BANC) had its price target trimmed by Keefe, Bruyette & Woods from $18.00 to $17.00 in a report issued on Tuesday morning, Benzinga reports. They currently have an outperform rating on the bank’s stock.

A number of other brokerages have also commented on BANC. Barclays cut their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research note on Wednesday, April 24th. Wells Fargo & Company cut their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research note on Tuesday. DA Davidson cut their target price on Banc of California from $20.00 to $17.50 and set a buy rating for the company in a research note on Wednesday, May 15th. Stephens cut their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research note on Tuesday, May 14th. Finally, Truist Financial lowered their price target on Banc of California from $15.00 to $13.00 and set a hold rating on the stock in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $15.81.

Banc of California Stock Up 0.6 %

Shares of BANC stock opened at $13.61 on Tuesday. Banc of California has a 12 month low of $9.96 and a 12 month high of $16.08. The firm has a market cap of $2.14 billion, a PE ratio of -4.09 and a beta of 1.14. The stock has a 50 day moving average of $13.43 and a 200-day moving average of $13.79. 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 (NYSE:BANC) last issued 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 quarter last year, the firm earned $0.37 earnings per share. On average, equities analysts predict that Banc of California will post 1.04 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend was Friday, June 14th. Banc of California’s payout ratio is presently -12.01%.

Insider Transactions at Banc of California

In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were bought at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Large investors have recently made changes to their positions in the business. American Century Companies Inc. boosted its holdings in Banc of California by 15.1% in the third quarter. American Century Companies Inc. now owns 525,219 shares of the bank’s stock valued at $6,502,000 after acquiring an additional 68,758 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Banc of California by 3.4% in the third quarter. Wellington Management Group LLP now owns 1,618,848 shares of the bank’s stock valued at $20,041,000 after acquiring an additional 53,566 shares during the last quarter. Hudson Bay Capital Management LP bought a new position in Banc of California in the third quarter valued at about $372,000. Anchor Investment Management LLC bought a new position in Banc of California in the fourth quarter valued at about $44,000. Finally, Apella Capital LLC bought a new position in Banc of California in the fourth quarter valued at about $298,000. 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.