Banc of California (NYSE:BANC) PT Lowered to $15.00 at Stephens

Banc of California (NYSE:BANC) had its price target reduced by Stephens from $16.00 to $15.00 in a research report report published on Tuesday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

A number of other brokerages also recently commented on BANC. Keefe, Bruyette & Woods raised Banc of California from a market perform rating to an outperform rating and boosted their price objective for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Barclays lowered their price objective on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research report on Wednesday, April 24th. Wedbush lowered their price objective on Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research report on Wednesday, April 24th. StockNews.com raised Banc of California to a sell rating in a report on Thursday, April 25th. Finally, Truist Financial dropped 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, April 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $16.31.

Banc of California Stock Performance

Shares of Banc of California stock opened at $14.60 on Tuesday. Banc of California has a one year low of $9.96 and a one year high of $16.08. The company has a market cap of $2.30 billion, a PE ratio of -4.38 and a beta of 1.17. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The business has a 50-day simple moving average of $14.42 and a 200-day simple moving average of $13.61.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The company had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same period in the prior year, the firm posted $0.37 earnings per share. On average, equities research analysts forecast that Banc of California will post 1.13 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.74%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley acquired 10,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at approximately $214,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Jared M. Wolff acquired 7,130 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were purchased at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the transaction, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard J. Lashley acquired 10,000 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $21.40 per share, with a total value of $214,000.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $214,000. The disclosure for this purchase can be found here. 7.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,825 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Banc of California in the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the first quarter worth $30,000. Lee Financial Co acquired a new position in Banc of California during the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new position in Banc of California in the fourth quarter worth $41,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.