Banc of California (NYSE:BANC) Price Target Cut to $15.00 by Analysts at Wells Fargo & Company

Banc of California (NYSE:BANC) had its price target cut by Wells Fargo & Company from $16.00 to $15.00 in a research note published on Tuesday, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Other research analysts have also issued research reports about the stock. DA Davidson decreased 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 note on Wednesday, May 15th. Piper Sandler decreased their price target on shares of Banc of California from $20.00 to $19.00 and set an overweight rating on the stock in a research note on Monday, May 13th. Truist Financial decreased their price target on shares of Banc of California from $15.00 to $13.00 and set a hold rating on the stock in a research note on Monday. Wedbush decreased their price target on shares of Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods upgraded shares of Banc of California from a market perform rating to an outperform rating and upped their price target for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. 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. According to data from MarketBeat.com, Banc of California presently has an average rating of Hold and an average target price of $15.81.

Banc of California Stock Up 0.3 %

Banc of California stock opened at $12.54 on Tuesday. The firm has a market capitalization of $1.97 billion, a PE ratio of -3.77 and a beta of 1.14. The company’s 50-day moving average is $13.48 and its 200-day moving average is $13.80. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $16.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the prior year, the firm earned $0.37 earnings per share. Sell-side analysts anticipate that Banc of California will post 1.05 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently disclosed 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 3.19%. The ex-dividend date of this dividend was Friday, June 14th. Banc of California’s dividend payout ratio is currently -12.01%.

Insider Transactions at Banc of California

In other news, CEO Jared M. Wolff purchased 7,130 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was bought at an average price of $13.98 per share, with a total value of $99,677.40. Following the acquisition, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by insiders.

Institutional Trading of Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in BANC. Versant Capital Management Inc lifted its holdings in shares of Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares during the period. Riverview Trust Co bought a new position in Banc of California in the 1st quarter valued at approximately $29,000. Future Financial Wealth Managment LLC bought a new position in Banc of California in the 1st quarter valued at approximately $30,000. Lee Financial Co bought a new position in Banc of California in the 4th quarter valued at approximately $40,000. Finally, Longfellow Investment Management Co. LLC bought a new position in Banc of California in the 4th quarter valued at approximately $41,000. Institutional investors own 86.88% of the company’s stock.

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.