Banc of California, Inc. (NYSE:BANC) Receives $16.31 Average Target Price from Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have received a consensus rating of “Hold” from the eight research firms that are presently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $16.31.

Several research firms recently commented on BANC. Truist Financial cut their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, April 25th. Stephens reduced their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 14th. Piper Sandler decreased their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, May 13th. Wedbush cut their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Finally, Barclays 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 Wednesday, April 24th.

Insider Buying and Selling

In other Banc of California news, CEO Jared M. Wolff purchased 7,130 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were purchased at an average cost of $13.98 per share, with a total value of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares in the company, valued at $3,756,356.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Banc of California

Hedge funds and other institutional investors have recently bought and sold shares of the stock. South Dakota Investment Council lifted its holdings in shares of Banc of California by 238.8% in the 4th quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock worth $7,669,000 after purchasing an additional 402,498 shares in the last quarter. Crescent Grove Advisors LLC acquired a new position in shares of Banc of California during the fourth quarter valued at about $1,303,000. New York State Teachers Retirement System increased its position in shares of Banc of California by 510.7% during the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock worth $1,072,000 after acquiring an additional 66,739 shares in the last quarter. Peregrine Capital Management LLC increased its position in shares of Banc of California by 22.2% during the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock worth $8,447,000 after acquiring an additional 114,173 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Banc of California in the 4th quarter worth about $1,488,000. 86.88% of the stock is owned by institutional investors.

Banc of California Trading Up 0.3 %

NYSE BANC opened at $12.82 on Friday. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -3.85 and a beta of 1.14. Banc of California has a twelve month low of $9.96 and a twelve month high of $16.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The business’s fifty day moving average is $13.63 and its 200 day moving average is $13.84.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter in the prior year, the business posted $0.37 earnings per share. As a group, sell-side analysts expect that Banc of California will post 1.07 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were given a dividend of $0.10 per share. The ex-dividend date was Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.12%. Banc of California’s payout ratio is -12.01%.

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.