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

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

Several other research firms have also weighed in on BANC. Keefe, Bruyette & Woods upgraded shares of Banc of California from a market perform rating to an outperform rating and lifted their target price for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Wells Fargo & Company lifted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an equal weight rating in a report on Wednesday, April 10th. Barclays assumed coverage on shares of Banc of California in a report on Friday, March 8th. They set an equal weight rating and a $16.00 target price on the stock. StockNews.com assumed coverage on shares of Banc of California in a research note on Monday, January 29th. They set a hold rating on the stock. Finally, Truist Financial reaffirmed a hold rating and set a $16.00 price target on shares of Banc of California in a research note on Monday, April 1st. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $16.92.

Banc of California Stock Performance

NYSE:BANC opened at $14.08 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -4.46 and a beta of 1.15. The firm’s fifty day simple moving average is $14.49 and its 200 day simple moving average is $13.32. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same quarter in the previous year, the firm posted $0.37 EPS. As a group, equities research analysts expect that Banc of California will post 1.5 earnings per share for the current fiscal year.

Banc of California Announces Dividend

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

Insider Buying and Selling

In other news, insider Robert G. Dyck sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the sale, the insider now owns 24,979 shares of the company’s stock, valued at approximately $373,935.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of BANC. SG Americas Securities LLC bought a new stake in shares of Banc of California in the 3rd quarter worth about $252,000. Peregrine Capital Management LLC bought a new stake in shares of Banc of California in the 3rd quarter worth about $6,373,000. Commonwealth Equity Services LLC bought a new stake in shares of Banc of California in the 3rd quarter worth about $178,000. Sippican Capital Advisors increased its position in shares of Banc of California by 1.2% in the 3rd quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock worth $1,425,000 after purchasing an additional 1,325 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Banc of California by 4.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after buying an additional 955 shares during the last quarter. 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.