Barclays Trims Banc of California (NYSE:BANC) Target Price to $15.00

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

BANC has been the subject of a number of other reports. Truist Financial reaffirmed a hold rating and issued a $16.00 price objective on shares of Banc of California in a research report on Monday, April 1st. Keefe, Bruyette & Woods raised shares of Banc of California from a market perform rating to an outperform rating and upped their price objective for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. StockNews.com assumed coverage on shares of Banc of California in a research report on Monday, January 29th. They issued a hold rating for the company. Wedbush reduced their price objective on shares of Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company upped their price objective 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Banc of California currently has a consensus rating of Hold and an average target price of $16.64.

Banc of California Price Performance

NYSE:BANC opened at $14.32 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50-day moving average of $14.49 and a 200-day moving average of $13.34. Banc of California has a one year low of $9.72 and a one year high of $16.08.

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 business had revenue of $522.57 million for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $0.37 earnings per share. As a group, analysts anticipate that Banc of California will post 1.37 earnings per share 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. Stockholders 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 dividend yield of 2.79%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio is currently -12.01%.

Insider Activity

In related news, Director Richard J. Lashley bought 10,000 shares of Banc of California stock in a transaction dated Thursday, February 29th. The stock was purchased at an average cost of $21.40 per share, with a total value of $214,000.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $214,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Banc of California news, CEO Jared M. Wolff purchased 7,130 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard J. Lashley purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $214,000. The disclosure for this purchase can be found here. Insiders purchased 27,130 shares of company stock valued at $445,277 in the last three months. Company insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors have recently modified their holdings of BANC. SG Americas Securities LLC purchased a new stake in shares of Banc of California during the 3rd quarter valued at approximately $252,000. Peregrine Capital Management LLC purchased a new stake in Banc of California in the 3rd quarter worth approximately $6,373,000. Commonwealth Equity Services LLC purchased a new stake in Banc of California in the 3rd quarter worth approximately $178,000. Sippican Capital Advisors lifted its stake in Banc of California by 1.2% in the 3rd quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock worth $1,425,000 after purchasing an additional 1,325 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Banc of California by 4.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock worth $303,000 after purchasing an additional 955 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.