Banc of California, Inc. (NYSE:BANC) Receives $15.69 Average PT from Brokerages

Banc of California, Inc. (NYSE:BANC) has earned a consensus rating of “Hold” from the eight brokerages that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $15.69.

A number of equities analysts have issued reports on BANC shares. 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 reissued a “neutral” rating and set a $14.00 price objective on shares of Banc of California in a research note on Wednesday, July 24th. Wells Fargo & Company reduced their price objective 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. Truist Financial raised their price objective on Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Stephens reissued an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a research note on Wednesday, September 4th.

Banc of California Stock Performance

Shares of NYSE BANC opened at $14.31 on Thursday. The stock has a fifty day moving average price of $13.75 and a two-hundred day moving average price of $13.90. 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 firm has a market cap of $2.27 billion, a P/E ratio of -4.30 and a beta of 1.13. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54.

Banc of California (NYSE:BANC) last issued its quarterly 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). The firm had revenue of $492.38 million for the quarter, compared to the consensus estimate 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 period in the previous year, the business posted $0.32 earnings per share. Research analysts forecast that Banc of California will post 0.61 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.80%. Banc of California’s payout ratio is -12.01%.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California 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 of the company’s stock, valued at $10,077,564. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in BANC. Vanguard Group Inc. lifted its position in shares of Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after purchasing an additional 1,582,941 shares during the last quarter. Dimensional Fund Advisors LP grew its stake 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 valued at $65,191,000 after purchasing an additional 1,615,478 shares during the period. PL Capital Advisors LLC boosted 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 in the last quarter. American Century Companies Inc. boosted 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 in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of 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 worth $40,260,000 after acquiring an additional 1,791,992 shares in 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.