Banc of California (NYSE:BANC) Receives “Equal Weight” Rating from Stephens

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

A number of other analysts have also recently weighed in on BANC. Barclays reduced their target price on shares of Banc of California from $15.00 to $14.00 and set an equal weight rating for the company in a report on Wednesday, July 24th. Wedbush restated a neutral rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, July 24th. Wells Fargo & Company cut their target price on 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. 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 report on Tuesday, July 9th. Finally, DA Davidson cut their price objective 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Banc of California currently has an average rating of Hold and a consensus price target of $15.69.

Banc of California Stock Up 0.6 %

Shares of BANC stock opened at $14.10 on Wednesday. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The business’s fifty day moving average is $13.60 and its 200-day moving average is $13.93. The stock has a market cap of $2.22 billion, a PE ratio of -4.23 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its earnings results 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 firm had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same period in the previous year, the firm earned $0.32 earnings per share. Equities analysts expect that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Monday, September 16th. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BANC. Fifth Third Bancorp increased its position in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the last quarter. Riverview Trust Co bought a new position in Banc of California during the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the first quarter valued at approximately $30,000. Lee Financial Co bought a new stake in Banc of California in the fourth quarter worth approximately $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in shares of Banc of California during the 4th quarter worth $41,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

About Banc of California

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.