Banc of California (NYSE:BANC) Sees Strong Trading Volume

Banc of California, Inc. (NYSE:BANC) shares saw strong trading volume on Tuesday . 1,449,004 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 2,303,035 shares.The stock last traded at $14.50 and had previously closed at $14.24.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Stephens restated an “equal weight” rating and issued a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price target for the company in a research note on Tuesday. Keefe, Bruyette & Woods reduced their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th. Wells Fargo & Company decreased their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Finally, Truist Financial upped their price target on Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Banc of California has a consensus rating of “Hold” and an average price target of $15.72.

Banc of California Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The firm’s fifty day moving average price is $13.83 and its 200-day moving average price is $13.90. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -4.42 and a beta of 1.13.

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 analysts’ consensus estimates of $0.19 by ($0.09). The firm had revenue of $492.38 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm posted $0.32 EPS. Analysts expect that Banc of California, Inc. will post 0.61 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.72%. The ex-dividend date is Monday, September 16th. Banc of California’s payout ratio is currently -12.01%.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after purchasing an additional 5,311,842 shares during the last quarter. Capital Research Global Investors acquired a new position in shares of Banc of California during the 1st quarter worth $32,618,000. Goldman Sachs Group Inc. boosted its position 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 buying an additional 1,791,992 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Banc of California by 49.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after acquiring an additional 1,615,478 shares in the last quarter. Finally, Hodges Capital Management Inc. increased its holdings in Banc of California by 288.4% during the 1st quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock valued at $26,587,000 after acquiring an additional 1,298,004 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.