Banc of California (NYSE:BANC) Price Target Cut to $15.00 by Analysts at Barclays

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

A number of other analysts have also recently commented on BANC. Wells Fargo & Company lifted their target price on shares of 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. StockNews.com started coverage on shares of Banc of California in a research note on Monday, January 29th. They issued a hold rating for the company. Keefe, Bruyette & Woods upgraded shares of Banc of California from a market perform rating to an outperform rating and lifted their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Wedbush decreased their price objective on shares of Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research note on Wednesday. Finally, Truist Financial restated a hold rating and set a $16.00 price objective on shares of Banc of California in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average 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 has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The company’s 50-day simple moving average is $14.49 and its two-hundred day simple moving average is $13.34.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The company had revenue of $522.57 million during the quarter, compared to analyst estimates 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 business earned $0.37 earnings per share. Analysts forecast that Banc of California will post 1.37 earnings per share for the current year.

Banc of California Announces Dividend

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

Insider Activity

In related news, Director Richard J. Lashley purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average price of $21.40 per share, with a total value of $214,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at $214,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Richard J. Lashley purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average price of $21.40 per share, with a total value of $214,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at $214,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jared M. Wolff purchased 7,130 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, with a total value of $99,677.40. Following the acquisition, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The disclosure for this purchase can be found here. Insiders bought a total of 27,130 shares of company stock valued at $445,277 in the last three months. 7.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently modified their holdings of BANC. Versant Capital Management Inc grew its holdings in shares of 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 buying an additional 1,825 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the first quarter worth $30,000. Lee Financial Co purchased a new stake in shares of Banc of California during the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in shares of Banc of California during the fourth quarter worth $41,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.