Banc of California (NYSE:BANC) Price Target Lowered to $14.00 at Stephens

Banc of California (NYSE:BANC) had its price target trimmed by Stephens from $15.00 to $14.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Other research analysts have also issued reports about the company. DA Davidson cut their price objective on Banc of California from $20.00 to $17.50 and set a buy rating on the stock in a report on Wednesday, May 15th. Wedbush restated a neutral rating and issued a $14.00 target price on shares of Banc of California in a research note on Wednesday. Truist Financial upped their target price on Banc of California from $13.00 to $15.00 and gave the stock a hold rating in a research note on Wednesday. Wells Fargo & Company lowered their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods lowered their target price 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $15.69.

Banc of California Stock Up 6.7 %

Shares of BANC stock opened at $14.38 on Wednesday. The stock’s 50-day simple moving average is $13.35 and its 200-day simple moving average is $13.85. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $2.26 billion, a PE ratio of -4.32 and a beta of 1.14. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.54.

Banc of California (NYSE:BANC) last announced 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 analyst estimates 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 period in the prior year, the company posted $0.32 earnings per share. Equities analysts expect that Banc of California will post 1.02 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a $0.10 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.78%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Hedge Funds Weigh In On Banc of California

Several hedge funds and other institutional investors have recently made changes to their positions in BANC. Fifth Third Bancorp lifted its position in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares in the last quarter. Riverview Trust Co acquired a new stake in shares of Banc of California in the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Banc of California in the first quarter valued at approximately $30,000. Lee Financial Co acquired a new stake in shares of Banc of California in the fourth quarter valued at approximately $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in shares of Banc of California in the fourth quarter valued at approximately $41,000. 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.