Banc of California, Inc. (NYSE:BANC) Receives Average Recommendation of “Hold” from Analysts

Banc of California, Inc. (NYSE:BANCGet Free Report) has been given a consensus rating of “Hold” by the eight research firms that are currently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $16.31.

A number of analysts recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Truist Financial reduced their price objective on Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, April 25th. Wedbush cut 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, April 24th. Piper Sandler decreased their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Finally, Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd.

View Our Latest Stock Analysis on Banc of California

Insider Activity

In related news, CEO Jared M. Wolff acquired 7,130 shares of the company’s 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 owns 268,695 shares in the company, valued at $3,756,356.10. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.80% of the stock is owned by corporate insiders.

Institutional Trading of Banc of California

A number of institutional investors have recently added to or reduced their stakes in BANC. Versant Capital Management Inc lifted its position in shares of Banc of California by 2,466.2% in the fourth 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 during the last quarter. Riverview Trust Co acquired a new stake in Banc of California in the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the first quarter worth approximately $30,000. Lee Financial Co acquired a new position in Banc of California during the fourth quarter valued at approximately $40,000. Finally, Longfellow Investment Management Co. LLC bought a new position in shares of Banc of California in the fourth quarter valued at approximately $41,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Stock Performance

BANC opened at $13.45 on Tuesday. The business has a 50 day moving average price of $14.26 and a two-hundred day moving average price of $13.78. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of -4.04 and a beta of 1.15. Banc of California has a 1-year low of $9.96 and a 1-year high of $16.08.

Banc of California (NYSE:BANCGet Free Report) last announced 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). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The firm had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period in the prior year, the business earned $0.37 EPS. Research analysts predict that Banc of California will post 1.14 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.40 annualized dividend and a yield of 2.97%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

About Banc of California

(Get Free Report

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.

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Analyst Recommendations for Banc of California (NYSE:BANC)

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