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

Banc of California (NYSE:BANC) had its price target lowered by Truist Financial from $16.00 to $15.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

Other equities research analysts have also recently issued research reports about the stock. Barclays decreased their target price 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 Wednesday. 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 report on Wednesday, April 10th. StockNews.com began coverage on Banc of California in a research report on Monday, January 29th. They set a hold rating on the stock. Wedbush lowered their price target on Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a report on Wednesday. Finally, Keefe, Bruyette & Woods upgraded shares of Banc of California from a market perform rating to an outperform rating and upped their price objective for the company from $16.00 to $18.00 in a report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $16.64.

Banc of California Stock Performance

Shares of Banc of California stock traded up $0.11 during trading on Thursday, hitting $14.21. 79,470 shares of the stock traded hands, compared to its average volume of 2,455,964. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California has a 52-week low of $9.72 and a 52-week high of $16.08. The stock’s fifty day simple moving average is $14.50 and its 200 day simple moving average is $13.32.

Banc of California (NYSE:BANC) last issued its quarterly earnings data 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 company 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 quarter last year, the company earned $0.37 earnings per share. Equities research analysts expect that Banc of California will post 1.5 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio is presently -12.01%.

Insider Transactions at Banc of California

In other Banc of California news, Director James Andrew Barker acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director now owns 159,680 shares in the company, valued at approximately $2,101,388.80. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 7.37% of the company’s stock.

Hedge Funds Weigh In On Banc of California

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Banc of California by 143.4% during the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after acquiring an additional 5,311,842 shares during the period. Bayview Asset Management LLC acquired a new position in Banc of California during the fourth quarter worth $27,297,000. Goldman Sachs Group Inc. raised its position in Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after acquiring an additional 1,791,992 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Banc of California by 345.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after purchasing an additional 1,777,330 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Banc of California by 49.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after purchasing an additional 1,615,478 shares during the period. Hedge funds and other institutional investors 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.