Banc of California (NYSE:BANC) Given New $15.00 Price Target at Truist Financial

Banc of California (NYSE:BANC) had its price target reduced by Truist Financial from $16.00 to $15.00 in a research report sent to investors on Thursday morning, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

A number of other equities analysts also recently commented on the company. StockNews.com began coverage on Banc of California in a report on Monday, January 29th. They issued a hold rating on the stock. Wells Fargo & Company increased their price objective on Banc of California from $14.00 to $16.00 and gave the stock an equal weight rating in a report on Wednesday, April 10th. Wedbush dropped their price objective on Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a report on Wednesday, April 24th. Keefe, Bruyette & Woods upgraded Banc of California from a market perform rating to an outperform rating and increased their price objective for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. Finally, Barclays lowered their price target on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $16.64.

Banc of California Price Performance

Shares of NYSE:BANC opened at $14.32 on Thursday. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -4.30 and a beta of 1.15. Banc of California has a 1 year low of $9.72 and a 1 year high of $16.08. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $14.49 and a 200 day simple moving average of $13.35.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The firm had revenue of $522.57 million for the quarter, compared to analysts’ expectations 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 period last year, the business earned $0.37 earnings per share. As a group, sell-side analysts predict that Banc of California will post 1.32 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

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

Insider Transactions at Banc of California

In related news, CEO Jared M. Wolff acquired 7,130 shares of the stock in a transaction dated Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jared M. Wolff acquired 7,130 shares of the stock in a transaction dated Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was bought at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director now owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 27,130 shares of company stock worth $445,277. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in Banc of California in the third quarter worth $252,000. Peregrine Capital Management LLC bought a new position in Banc of California in the third quarter worth $6,373,000. Commonwealth Equity Services LLC bought a new position in Banc of California in the third quarter worth $178,000. Sippican Capital Advisors lifted its position in Banc of California by 1.2% in the third quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock worth $1,425,000 after purchasing an additional 1,325 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Banc of California by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock worth $303,000 after purchasing an additional 955 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.