Banc of California (NYSE:BANC) Price Target Cut to $15.00

Banc of California (NYSE:BANC) had its target price decreased by Barclays from $16.00 to $15.00 in a report issued on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the bank’s stock.

BANC has been the topic of several other research reports. Keefe, Bruyette & Woods upgraded shares of Banc of California from a market perform rating to an outperform rating and raised their price target for the company from $16.00 to $18.00 in a report on Friday, March 22nd. StockNews.com assumed coverage on shares of Banc of California in a research report on Monday, January 29th. They issued a hold rating for the company. Truist Financial reaffirmed a hold rating and issued a $16.00 price objective on shares of Banc of California in a research report on Monday, April 1st. Wedbush decreased their price target on shares of Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company raised their price objective on Banc of California from $14.00 to $16.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Banc of California currently has a consensus rating of Hold and a consensus target price of $16.64.

Banc of California Trading Up 1.6 %

NYSE BANC opened at $14.32 on Wednesday. Banc of California has a one year low of $9.72 and a one year high of $16.08. The company’s 50 day moving average price is $14.49 and its 200 day moving average price is $13.35. 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 firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -4.30 and a beta of 1.15.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The business had revenue of $522.57 million during the quarter, compared to analysts’ expectations of $296.02 million. During the same quarter in the previous year, the business posted $0.37 EPS. On average, sell-side analysts predict that Banc of California will post 1.37 EPS for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio is currently -12.01%.

Insider Activity at Banc of California

In related news, CEO Jared M. Wolff acquired 7,130 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Jared M. Wolff acquired 7,130 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Andrew Barker acquired 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were bought at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the purchase, the director now owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The disclosure for this purchase can be found here. Insiders have purchased a total of 27,130 shares of company stock worth $445,277 over the last ninety days. 7.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares during the period. Riverview Trust Co acquired a new position in Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the first quarter worth about $30,000. Lee Financial Co acquired a new position in Banc of California during the fourth quarter worth about $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in Banc of California during the fourth quarter worth about $41,000. 86.88% of the stock is currently owned by 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.