Banc of California (NYSE:BANC) Sees Strong Trading Volume

Banc of California, Inc. (NYSE:BANC) shares saw an uptick in trading volume on Tuesday . 1,449,004 shares traded hands during trading, a decline of 37% from the previous session’s volume of 2,303,035 shares.The stock last traded at $14.50 and had previously closed at $14.24.

Wall Street Analysts Forecast Growth

BANC has been the subject of several recent research reports. Stephens reiterated an “equal weight” rating and issued a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Wedbush reiterated a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a research note on Wednesday, July 24th. Truist Financial boosted their price target on Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Wells Fargo & Company lowered their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Finally, Raymond James raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Banc of California presently has an average rating of “Hold” and an average price target of $15.72.

Banc of California Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The company has a market capitalization of $2.31 billion, a PE ratio of -4.28 and a beta of 1.13. The company has a 50 day moving average price of $13.79 and a 200 day moving average price of $13.89.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The company had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter last year, the company earned $0.32 earnings per share. Equities analysts forecast that Banc of California, Inc. will post 0.61 EPS for the current year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a $0.10 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.73%. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Insider Activity 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 of the company’s stock, valued at approximately $10,077,564. The transaction was disclosed in a document filed with the SEC, which is available at this link. 7.37% of the stock is owned by corporate insiders.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently modified their holdings of the business. Mutual of America Capital Management LLC boosted its holdings in shares of Banc of California by 4.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock valued at $363,000 after buying an additional 984 shares during the period. Louisiana State Employees Retirement System boosted its stake in Banc of California by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,200 shares during the period. Truist Financial Corp grew its holdings in shares of Banc of California by 9.8% during the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after purchasing an additional 1,223 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the period. Finally, Riverview Trust Co bought a new stake in shares of Banc of California in the 1st quarter worth approximately $29,000. 86.88% of the stock is 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.