Banc of California, Inc. (NYSE:BANC) Given Consensus Recommendation of “Hold” by Analysts

Banc of California, Inc. (NYSE:BANC) has been assigned an average rating of “Hold” from the six ratings firms that are covering the company, MarketBeat reports. Five investment 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 brokerages that have issued a report on the stock in the last year is $16.64.

Several research analysts recently issued reports on BANC shares. Wedbush reduced their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Barclays decreased their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 24th. Stephens restated an “equal weight” rating and issued a $16.00 price objective on shares of Banc of California in a research report on Thursday, April 25th. Truist Financial decreased their price objective on Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, April 25th. Finally, Wells Fargo & Company boosted their target price on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th.

Insider Transactions at Banc of California

In other news, CEO Jared M. Wolff acquired 7,130 shares of Banc of California stock in a transaction that occurred on Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, with a total value of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Banc of California news, Director James Andrew Barker acquired 10,000 shares of the business’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 acquisition, the director now directly owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jared M. Wolff acquired 7,130 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was acquired at an average price of $13.98 per share, with a total value of $99,677.40. Following the completion of the transaction, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The disclosure for this purchase can be found here. Insiders have purchased 27,130 shares of company stock worth $445,277 in the last three months. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after acquiring an additional 5,311,842 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Banc of California by 49.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after purchasing an additional 1,615,478 shares during the period. PL Capital Advisors LLC lifted its holdings in shares of Banc of California by 0.7% in the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after purchasing an additional 22,500 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Banc of California by 148.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares in the last quarter. Finally, William Blair Investment Management LLC grew its holdings in shares of Banc of California by 42.1% during the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after buying an additional 762,959 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

Shares of NYSE BANC opened at $14.94 on Friday. Banc of California has a one year low of $9.89 and a one year high of $16.08. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $14.48 and a 200 day simple moving average of $13.47. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -4.49 and a beta of 1.17.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The business had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period in the previous year, the business posted $0.37 earnings per share. Sell-side analysts expect that Banc of California will post 1.32 EPS for the current year.

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.