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

Shares of Banc of California, Inc. (NYSE:BANC) have received an average rating of “Hold” from the nine analysts that are currently covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $15.72.

A number of brokerages have issued reports on BANC. Barclays decreased their price target on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. Wedbush reaffirmed a “neutral” rating and set a $14.00 price target on shares of Banc of California in a research note on Wednesday, July 24th. Wells Fargo & Company decreased their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods decreased their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. Finally, Truist Financial increased their price target on Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th.

Banc of California Stock Performance

Shares of BANC stock opened at $14.71 on Thursday. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.54. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -4.42 and a beta of 1.13. The business has a 50 day simple moving average of $13.83 and a 200 day simple moving average of $13.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same period last year, the company earned $0.32 earnings per share. On average, equities research analysts anticipate that Banc of California will post 0.61 EPS for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.72%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares in the last quarter. Basswood Capital Management L.L.C. purchased a new stake in shares of Banc of California in the fourth quarter valued at $3,374,000. Carmignac Gestion purchased a new stake in shares of Banc of California in the fourth quarter valued at $2,152,000. Sei Investments Co. lifted its holdings in shares of Banc of California by 86.0% in the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after purchasing an additional 234,021 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Banc of California by 156.8% in the fourth quarter. Swiss National Bank now owns 295,114 shares of the bank’s stock valued at $3,963,000 after purchasing an additional 180,214 shares in the last quarter. 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.