Banc of California, Inc. (NYSE:BANC) Given Average Rating of “Hold” by Brokerages

Banc of California, Inc. (NYSE:BANC) has received an average recommendation of “Hold” from the five analysts that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $17.07.

BANC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Wedbush lifted their price target on Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, January 26th. StockNews.com assumed coverage on shares of Banc of California in a research report on Monday, January 29th. They issued a “hold” rating for the company. 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. Finally, Wells Fargo & Company boosted 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 report on Wednesday, April 10th.

Insider Buying and Selling at Banc of California

In other news, Director James Andrew Barker bought 10,000 shares of the stock in a transaction dated Wednesday, February 14th. The shares were acquired at an average price of $13.16 per share, with a total value of $131,600.00. Following the acquisition, the director now owns 159,680 shares in the company, valued at $2,101,388.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 7.37% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Peregrine Capital Management LLC boosted its holdings in Banc of California by 22.2% in the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after acquiring an additional 114,173 shares during the last quarter. JCSD Capital LLC lifted its holdings in Banc of California by 76.0% in the fourth quarter. JCSD Capital LLC now owns 243,117 shares of the bank’s stock valued at $3,265,000 after buying an additional 105,000 shares during the period. Victory Capital Management Inc. boosted its position in shares of Banc of California by 69.7% in the 3rd quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank’s stock worth $23,232,000 after purchasing an additional 770,938 shares during the last quarter. EJF Capital LLC increased its holdings in Banc of California by 75.3% in the third quarter. EJF Capital LLC now owns 648,463 shares of the bank’s stock valued at $8,028,000 after purchasing an additional 278,534 shares during the last quarter. Finally, Barclays PLC lifted its stake in Banc of California by 40.8% in the third quarter. Barclays PLC now owns 190,308 shares of the bank’s stock valued at $2,357,000 after buying an additional 55,118 shares during the period. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Performance

Banc of California stock opened at $14.16 on Monday. Banc of California has a 52 week low of $9.72 and a 52 week high of $16.08. The stock has a fifty day moving average price of $14.39 and a 200 day moving average price of $13.23. The firm has a market capitalization of $2.23 billion, a P/E ratio of -4.48 and a beta of 1.15. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($4.27). The business had revenue of $193.06 million for the quarter, compared to analysts’ expectations of $163.11 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same quarter in the prior year, the firm earned $0.45 earnings per share. Equities research analysts anticipate that Banc of California will post 1.5 earnings per share for the current 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 dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s payout ratio is presently -12.66%.

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.