Banc of California (NYSE:BANC) Price Target Cut to $15.00 by Analysts at Wedbush

Banc of California (NYSE:BANC) had its price target cut by Wedbush from $16.00 to $15.00 in a report issued on Wednesday, Benzinga reports. They currently have a neutral rating on the bank’s stock.

Several other research firms have also issued reports on BANC. Wells Fargo & Company lifted their price target on shares of Banc of California from $14.00 to $16.00 and gave the stock an equal weight rating in a research report on Wednesday, April 10th. StockNews.com began coverage on Banc of California in a research report on Monday, January 29th. They set a hold rating on the stock. Keefe, Bruyette & Woods upgraded 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 report on Friday, March 22nd. Barclays started coverage on shares of Banc of California in a report on Friday, March 8th. They issued an equal weight rating and a $16.00 target price for the company. Finally, Truist Financial restated a hold rating and set a $16.00 price target on shares of Banc of California in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Banc of California has an average rating of Hold and an average target price of $16.64.

Banc of California Stock Up 1.6 %

BANC opened at $14.32 on Wednesday. The stock’s fifty day moving average is $14.49 and its 200-day moving average is $13.35. Banc of California has a one year low of $9.72 and a one year high of $16.08. The company has a market capitalization of $2.25 billion, a PE ratio of -4.30 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last issued its quarterly 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). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The business had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. During the same quarter last year, the firm posted $0.37 earnings per share. On average, equities analysts predict that Banc of California will post 1.37 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, March 14th. Banc of California’s payout ratio is presently -12.01%.

Insider Transactions at Banc of California

In other Banc of California news, CEO Jared M. Wolff purchased 7,130 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were bought at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director James Andrew Barker bought 10,000 shares of the 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 purchase, the director now owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jared M. Wolff bought 7,130 shares of the business’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 transaction, the chief executive officer now owns 268,695 shares in the company, valued at $3,756,356.10. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 27,130 shares of company stock valued at $445,277. 7.37% of the stock is owned by insiders.

Institutional Trading of Banc of California

Several hedge funds have recently added to or reduced their stakes in BANC. Versant Capital Management Inc lifted 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 worth $26,000 after buying an additional 1,825 shares during the last quarter. Riverview Trust Co acquired a new position in Banc of California during the 1st quarter valued at $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California in the 1st quarter valued at $30,000. Lee Financial Co acquired a new stake in Banc of California in the 4th quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in Banc of California in the 4th quarter worth $41,000. 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.