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

Banc of California, Inc. (NYSE:BANC) has received an average recommendation of “Hold” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $16.31.

A number of research analysts have recently commented on BANC shares. DA Davidson cut their price objective on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Barclays decreased their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, April 24th. Wedbush decreased 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, April 24th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Finally, Stephens cut their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, May 14th.

Insider Buying and Selling

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 acquired at an average cost 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 legal filing with the SEC, which is accessible through this link. 7.37% of the stock is owned by company insiders.

Institutional Investors Weigh In On Banc of California

A number of hedge funds have recently made changes to their positions in BANC. Mutual of America Capital Management LLC grew its holdings in shares of Banc of California by 4.3% during the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock worth $363,000 after purchasing an additional 984 shares in the last quarter. Truist Financial Corp raised its holdings in Banc of California by 9.8% in the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after purchasing an additional 1,223 shares in the last quarter. Versant Capital Management Inc grew its stake 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 acquiring an additional 1,825 shares during the last quarter. Riverview Trust Co purchased a new stake in shares of Banc of California in the first quarter worth $29,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California in the first quarter worth $30,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Price Performance

NYSE BANC opened at $12.79 on Friday. The business’s fifty day moving average is $13.66 and its two-hundred day moving average is $13.83. The stock has a market capitalization of $2.01 billion, a P/E ratio of -3.84 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California has a 1 year low of $9.96 and a 1 year high of $16.08.

Banc of California (NYSE:BANC) last issued 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). The firm had revenue of $522.57 million during the quarter, compared to analyst estimates 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 company earned $0.37 earnings per share. On average, research analysts forecast that Banc of California will post 1.1 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date is Friday, June 14th. Banc of California’s dividend payout ratio is currently -12.01%.

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.