Banc of California (NYSE:BANC) Stock Gets Price Target Reduction from Wells Fargo & Company

Banc of California (NYSE:BANC) had its target price cut by Wells Fargo & Company from $22.00 to $21.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other analysts have also recently weighed in on BANC. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. UBS Group initiated coverage on shares of Banc of California in a report on Monday, September 14th. They issued a “neutral” rating and a $20.00 price objective for the company. Citigroup cut their target price on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Finally, Barclays boosted their target price on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, October 5th. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Banc of California has an average rating of “Moderate Buy” and a consensus price target of $22.38.

Banc of California Trading Down 0.1%

NYSE BANC opened at $17.98 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.20. Banc of California has a twelve month low of $16.12 and a twelve month high of $21.93. The company has a market cap of $2.85 billion, a price-to-earnings ratio of -52.87 and a beta of 0.74. The business’s fifty day moving average is $17.94 and its 200 day moving average is $18.86.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 27th. The bank reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $303.07 million for the quarter, compared to analyst estimates of $306.27 million. Banc of California had a positive return on equity of 8.51% and a negative net margin of 0.58%. Banc of California’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. As a group, sell-side analysts expect that Banc of California will post 1.70 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.48 annualized dividend and a yield of 2.7%. Banc of California’s payout ratio is presently -141.18%.

Insider Transactions at Banc of California

In related news, General Counsel Ido Dotan sold 10,541 shares of Banc of California stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total value of $192,900.30. Following the transaction, the general counsel directly owned 45,702 shares of the company’s stock, valued at $836,346.60. The trade was a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jared M. Wolff bought 5,487 shares of Banc of California stock in a transaction that occurred on Friday, October 30th. The stock was bought at an average price of $18.18 per share, for a total transaction of $99,753.66. Following the completion of the acquisition, the chief executive officer directly owned 333,456 shares of the company’s stock, valued at $6,062,230.08. The trade was a 1.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.78% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Banc of California during the second quarter valued at $462,252,000. Wellington Management Group LLP raised its position in shares of Banc of California by 147.2% in the 2nd quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock worth $125,070,000 after acquiring an additional 3,645,579 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of Banc of California in the 2nd quarter worth about $25,521,000. Bank of America Corp DE acquired a new position in shares of Banc of California in the 2nd quarter valued at about $22,404,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Banc of California in the 2nd quarter valued at about $22,019,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

About Banc of California

Banc of California, Inc. is a bank holding company headquartered in Los Angeles. Through its banking subsidiary, Banc of California, N.A., it provides commercial banking services to businesses, professionals and individuals, with a focus on customers in California. The company offers business and consumer deposit accounts, commercial and real estate lending, and treasury management services. Its lending activities include financing for commercial real estate and businesses, along with specialized financing solutions.