Truist Financial Trims Banc of California (NYSE:BANC) Target Price to $15.00

Banc of California (NYSE:BANC) had its target price trimmed by Truist Financial from $16.00 to $15.00 in a report released on Thursday morning, Benzinga reports. The firm currently has a hold rating on the bank’s stock.

Several other equities analysts also recently issued reports on the stock. Wells Fargo & Company upped their price objective 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. Wedbush dropped their target price on Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a research report on Wednesday. Barclays dropped their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods upgraded Banc of California from a market perform rating to an outperform rating and upped their target price for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Finally, StockNews.com initiated coverage on Banc of California in a research report on Monday, January 29th. They issued a hold rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $16.64.

Banc of California Stock Performance

BANC opened at $14.32 on Thursday. 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 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.25 billion, a P/E ratio of -4.30 and a beta of 1.15. The firm’s 50-day moving average price is $14.49 and its 200-day moving average price is $13.35.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The company had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter last year, the company earned $0.37 EPS. As a group, equities analysts anticipate that Banc of California will post 1.37 EPS 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 $0.10 dividend. 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 is presently -12.01%.

Insiders Place Their Bets

In related news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction on Wednesday, February 14th. The shares were acquired at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the transaction, the director now owns 159,680 shares in the company, valued at approximately $2,101,388.80. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction dated 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 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 legal filing with the SEC, which is accessible through this link. Also, Director James Andrew Barker bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were acquired at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the transaction, the director now directly owns 159,680 shares in the company, valued at $2,101,388.80. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 27,130 shares of company stock worth $445,277. Corporate insiders own 7.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc lifted its position 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 valued at $26,000 after buying an additional 1,825 shares in the last quarter. Riverview Trust Co purchased a new position in shares of Banc of California during the 1st quarter valued at approximately $29,000. Future Financial Wealth Managment LLC purchased a new position in shares of Banc of California during the 1st quarter valued at approximately $30,000. Lee Financial Co purchased a new position in shares of Banc of California during the 4th quarter valued at approximately $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new position in shares of Banc of California during the 4th quarter valued at approximately $41,000. Hedge funds and other 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.