Banc of California’s (BANC) “Equal Weight” Rating Reiterated at Stephens

Stephens reissued their equal weight rating on shares of Banc of California (NYSE:BANC) in a research note published on Thursday, Benzinga reports. Stephens currently has a $16.00 price target on the bank’s stock.

Several other equities analysts have also recently weighed in on the company. StockNews.com initiated coverage on Banc of California in a report on Monday, January 29th. They issued a hold rating for the company. Truist Financial cut their target price on shares of Banc of California from $16.00 to $15.00 and set a hold rating for the company in a research note on Thursday. Wedbush cut their target price 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. Keefe, Bruyette & Woods upgraded shares of Banc of California from a market perform rating to an outperform rating and raised their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Finally, Barclays cut their target price on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $16.64.

Banc of California Price Performance

Shares of NYSE BANC opened at $14.32 on Thursday. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -4.30 and a beta of 1.15. The business has a 50-day moving average of $14.49 and a 200-day moving average of $13.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a fifty-two week low of $9.72 and a fifty-two week 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 for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter in the previous year, the business earned $0.37 EPS. As a group, sell-side analysts predict that Banc of California will post 1.37 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given 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 2.79%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Insiders Place Their Bets

In related news, CEO Jared M. Wolff acquired 7,130 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was purchased at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Jared M. Wolff acquired 7,130 shares of the stock in a transaction on Thursday, April 25th. The shares were purchased at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robert G. Dyck sold 10,000 shares of Banc of California stock in a transaction on 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 transaction, the insider now directly owns 24,979 shares of the company’s stock, valued at $373,935.63. The disclosure for this sale can be found here. Insiders purchased 27,130 shares of company stock worth $445,277 over the last three months. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in BANC. Mirae Asset Global Investments Co. Ltd. raised its position in Banc of California by 4.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after purchasing an additional 955 shares in the last quarter. Truist Financial Corp increased its stake in shares of Banc of California by 9.8% in the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after purchasing an additional 1,223 shares during the last quarter. Sippican Capital Advisors increased its stake 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 valued at $1,425,000 after purchasing an additional 1,325 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Banc of California by 2,466.2% during the 4th 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. Finally, Riverview Trust Co bought a new stake in shares of Banc of California during the 1st quarter worth $29,000. 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.