Banc of California, Inc. (NYSE:BANC) Receives $16.31 Consensus PT from Brokerages

Shares of Banc of California, Inc. (NYSE:BANC) have earned an average rating of “Hold” from the eight ratings firms that are covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $16.31.

Several equities analysts have commented on BANC shares. DA Davidson lowered their price objective on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Wells Fargo & Company raised their price objective on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Stephens lowered their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 14th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Finally, Piper Sandler lowered their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 13th.

Banc of California Stock Performance

NYSE:BANC opened at $12.86 on Tuesday. The stock has a market cap of $2.02 billion, a P/E ratio of -3.86 and a beta of 1.15. The firm’s fifty day simple moving average is $14.10 and its 200 day simple moving average is $13.80. Banc of California has a twelve month low of $9.96 and a twelve month high of $16.08. 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 (NYSE:BANC) last released its quarterly 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 company had revenue of $522.57 million during 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 quarter last year, the firm earned $0.37 EPS. As a group, research analysts predict that Banc of California will post 1.11 EPS for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.11%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Insider Activity 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 on Thursday, April 25th. The stock was acquired 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 directly owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mutual of America Capital Management LLC grew its position in Banc of California by 4.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock valued at $363,000 after acquiring an additional 984 shares during the last quarter. Truist Financial Corp grew its position in Banc of California by 9.8% in the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after acquiring an additional 1,223 shares during the last quarter. Versant Capital Management Inc grew its position in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares during the last quarter. Riverview Trust Co bought a new position in Banc of California in the 1st quarter valued at $29,000. Finally, Future Financial Wealth Managment LLC bought a new position in Banc of California in the 1st quarter valued at $30,000. Hedge funds and other 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.