Banc of California (NYSE:BANC) PT Lowered to $15.00 at Barclays

Banc of California (NYSE:BANC) had its price target cut by Barclays from $16.00 to $15.00 in a research report released on Wednesday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

A number of other brokerages also recently issued reports on BANC. StockNews.com initiated coverage on Banc of California in a research note on Monday, January 29th. They set a hold rating for the company. Wells Fargo & Company upped their price target on 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. Truist Financial restated a hold rating and issued a $16.00 price target on shares of Banc of California in a research note on Monday, April 1st. Keefe, Bruyette & Woods upgraded Banc of California from a market perform rating to an outperform rating and upped their price target for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. Finally, Wedbush dropped their price target on Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $16.92.

Banc of California Trading Up 0.9 %

Shares of NYSE:BANC opened at $14.08 on Wednesday. The stock has a 50 day moving average of $14.49 and a 200 day moving average of $13.32. The company has a market cap of $2.21 billion, a PE ratio of -4.46 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 has a 12-month low of $9.72 and a 12-month high of $16.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) 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 the consensus estimate 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 last year, the firm posted $0.37 earnings per share. As a group, equities research analysts expect that Banc of California will post 1.5 EPS for the current year.

Banc of California Announces Dividend

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. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.84%. Banc of California’s dividend payout ratio (DPR) is -12.66%.

Insider Transactions at Banc of California

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

Institutional Trading of Banc of California

Several hedge funds have recently modified their holdings of BANC. Vanguard Group Inc. raised its holdings in 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 buying an additional 5,311,842 shares during the period. Bayview Asset Management LLC purchased a new stake in Banc of California during the 4th quarter valued at $27,297,000. Goldman Sachs Group Inc. raised its holdings in Banc of California by 148.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after buying an additional 1,791,992 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Banc of California by 345.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after buying an additional 1,777,330 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Banc of California by 49.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after buying an additional 1,615,478 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.