Banc of California’s (BANC) “Equal Weight” Rating Reiterated at Stephens

Stephens restated their equal weight rating on shares of Banc of California (NYSE:BANC) in a research report released on Wednesday, Benzinga reports. They currently have a $14.00 price target on the bank’s stock.

BANC has been the topic of a number of other research reports. Wells Fargo & Company cut 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 report on Tuesday, July 9th. Truist Financial upped their price target on shares of Banc of California from $13.00 to $15.00 and gave the company a hold rating in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods cut their price target on shares of Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a research report on Tuesday, July 9th. DA Davidson cut their price target on shares of Banc of California from $20.00 to $17.50 and set a buy rating on the stock in a research report on Wednesday, May 15th. Finally, Wedbush reaffirmed a neutral rating and set a $14.00 price target on shares of Banc of California in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Banc of California presently has a consensus rating of Hold and an average price target of $15.69.

Banc of California Stock Performance

Shares of Banc of California stock opened at $13.82 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -4.15 and a beta of 1.14. The company’s fifty day moving average is $13.65 and its 200 day moving average is $13.92.

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 the consensus estimate 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 in the prior year, the firm earned $0.32 EPS. Sell-side analysts forecast 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 2.89%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Insider Transactions at Banc of California

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

Institutional Investors Weigh In On Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after acquiring an additional 1,582,941 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 worth $65,191,000 after acquiring an additional 1,615,478 shares during the last quarter. PL Capital Advisors LLC raised its holdings in shares of Banc of California by 0.7% in the 1st quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock worth $49,040,000 after acquiring an additional 22,500 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Banc of California by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after acquiring an additional 663,061 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after buying an additional 1,791,992 shares during the last quarter. Institutional investors and hedge funds 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.