Banc of California (NYSE:BANC) PT Lowered to $14.00

Banc of California (NYSE:BANC) had its target price cut by Stephens from $15.00 to $14.00 in a report issued on Wednesday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Several other research analysts also recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Banc of California from $20.00 to $19.00 and set an overweight rating on the stock in a research report on Monday, May 13th. StockNews.com raised Banc of California to a sell rating in a research note on Thursday, April 25th. Keefe, Bruyette & Woods decreased their price objective on Banc of California from $18.00 to $17.00 and set an outperform rating for the company in a research report on Tuesday, July 9th. DA Davidson dropped their target price on Banc of California from $20.00 to $17.50 and set a buy rating on the stock in a report on Wednesday, May 15th. Finally, Wedbush reiterated a neutral rating and issued a $14.00 price objective on shares of Banc of California in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Banc of California presently has a consensus rating of Hold and a consensus price target of $15.69.

Banc of California Stock Up 6.8 %

BANC opened at $14.40 on Wednesday. Banc of California has a one year low of $9.96 and a one year high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $2.26 billion, a P/E ratio of -4.32 and a beta of 1.14. The business’s 50-day simple moving average is $13.35 and its 200-day simple moving average is $13.86.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The firm had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the prior year, the firm posted $0.32 EPS. Analysts anticipate that Banc of California will post 0.87 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Friday, June 14th. Banc of California’s dividend payout ratio (DPR) is currently -12.01%.

Institutional Trading of Banc of California

A number of institutional investors have recently added to or reduced their stakes in BANC. Vanguard Group Inc. increased its holdings in Banc of California by 143.4% in the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after buying an additional 5,311,842 shares in the last quarter. Capital Research Global Investors purchased a new position in Banc of California in the 1st quarter valued at approximately $32,618,000. Bayview Asset Management LLC acquired a new position in Banc of California during the fourth quarter worth $27,297,000. Goldman Sachs Group Inc. boosted its position in Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after purchasing an additional 1,791,992 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Banc of California by 345.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after purchasing an additional 1,777,330 shares during 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.