Banc of California (NYSE:BANC) Upgraded to Sell by StockNews.com

StockNews.com upgraded shares of Banc of California (NYSE:BANC) to a sell rating in a research report sent to investors on Thursday.

Other analysts also recently issued research reports about the company. Wedbush dropped their price objective on Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday. Truist Financial dropped their price objective on Banc of California from $16.00 to $15.00 and set a hold rating on the stock in a research note on Thursday. Barclays dropped their price objective on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods raised Banc of California from a market perform rating to an outperform rating and boosted their price objective for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. Finally, Stephens reissued an equal weight rating and issued a $16.00 price objective on shares of Banc of California in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $16.64.

Banc of California Trading Down 0.6 %

Shares of Banc of California stock opened at $14.01 on Thursday. The business’s fifty day moving average price is $14.50 and its two-hundred day moving average price is $13.32. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 1-year low of $9.72 and a 1-year high of $16.08.

Banc of California (NYSE:BANC) last announced its earnings results 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 business had revenue of $522.57 million for 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 period in the previous year, the firm earned $0.37 EPS. As a group, equities research analysts anticipate that Banc of California will post 1.5 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date was Thursday, March 14th. Banc of California’s payout ratio is -12.01%.

Insider Buying and Selling

In related news, Director James Andrew Barker bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director now directly owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc grew its holdings in shares of Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after buying an additional 1,825 shares in the last quarter. Riverview Trust Co purchased a new position in shares of Banc of California during the first quarter valued at $29,000. Future Financial Wealth Managment LLC purchased a new position in shares of Banc of California during the first quarter valued at $30,000. Lee Financial Co acquired a new stake in Banc of California during the fourth quarter valued at $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in Banc of California during the fourth quarter valued at $41,000. Hedge funds and other institutional investors 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.