Banc of California (NYSE:BANC) Price Target Lowered to $15.00 at Wedbush

Banc of California (NYSE:BANC) had its price target cut by Wedbush from $16.00 to $15.00 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the bank’s stock.

BANC has been the topic of a number of other research reports. StockNews.com began coverage on Banc of California in a research report on Monday, January 29th. They issued a hold rating on the stock. Truist Financial restated a hold rating and issued a $16.00 target price on shares of Banc of California in a research report on Monday, April 1st. Barclays initiated coverage on Banc of California in a report on Friday, March 8th. They issued an equal weight rating and a $16.00 price objective on the stock. Wells Fargo & Company boosted their price objective on Banc of California from $14.00 to $16.00 and gave the company an equal weight rating in a report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods upgraded Banc of California from a market perform rating to an outperform rating and boosted their price objective for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $16.92.

Banc of California Price Performance

NYSE:BANC opened at $14.08 on Wednesday. Banc of California has a 52 week low of $9.72 and a 52 week high of $16.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.21 billion, a P/E ratio of -4.46 and a beta of 1.15. The stock’s fifty day moving average is $14.49 and its two-hundred day moving average is $13.32.

Banc of California (NYSE:BANC) last posted 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). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. 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 prior year, the firm earned $0.37 EPS. Equities analysts expect that Banc of California will post 1.5 EPS for the current year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.84%. Banc of California’s dividend payout ratio (DPR) is -12.66%.

Insiders Place Their Bets

In related news, Director James Andrew Barker purchased 10,000 shares of the business’s stock in a transaction 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 acquisition, the director now directly owns 159,680 shares in the company, valued at $2,101,388.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is owned by company insiders.

Institutional Investors Weigh In On Banc of California

Several large investors have recently bought and sold shares of the stock. Crescent Grove Advisors LLC acquired a new position in shares of Banc of California during the 4th quarter worth about $1,303,000. New York State Teachers Retirement System boosted its position in shares of Banc of California by 510.7% during the 4th quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock worth $1,072,000 after acquiring an additional 66,739 shares in the last quarter. Peregrine Capital Management LLC boosted its position in shares of Banc of California by 22.2% during the 4th quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock worth $8,447,000 after acquiring an additional 114,173 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Banc of California during the 4th quarter worth about $1,488,000. Finally, JCSD Capital LLC boosted its position in shares of Banc of California by 76.0% during the 4th quarter. JCSD Capital LLC now owns 243,117 shares of the bank’s stock worth $3,265,000 after acquiring an additional 105,000 shares in the last quarter. 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.