Banc of California (NYSE:BANC) Receives New Coverage from Analysts at Citigroup

Citigroup began coverage on shares of Banc of California (NYSE:BANC) in a research note published on Thursday, MarketBeat reports. The brokerage issued a neutral rating and a $15.00 price target on the bank’s stock.

A number of other research firms have also commented on BANC. Wells Fargo & Company raised their price objective on Banc of California from $15.00 to $16.00 and gave the stock an equal weight rating in a research note on Tuesday, October 1st. Stephens reissued an equal weight rating and set a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. Truist Financial lifted their target price on Banc of California from $15.00 to $16.00 and gave the stock a hold rating in a report on Friday, September 20th. Keefe, Bruyette & Woods cut their target price on Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a report on Tuesday, July 9th. Finally, Wedbush raised Banc of California from a neutral rating to an outperform rating and boosted their price objective for the company from $14.00 to $18.00 in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Banc of California has an average rating of Hold and an average target price of $16.45.

Banc of California Stock Performance

Shares of NYSE BANC opened at $13.69 on Thursday. The stock has a 50 day moving average price of $14.02 and a 200 day moving average price of $13.88. Banc of California has a 52 week low of $9.96 and a 52 week high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The stock has a market capitalization of $2.17 billion, a PE ratio of -3.98 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The business 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 previous year, the business earned $0.32 earnings per share. Analysts predict that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio is currently -11.36%.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 7.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BANC. Future Financial Wealth Managment LLC bought a new position in Banc of California in the third quarter valued at $29,000. GAMMA Investing LLC increased its stake in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after acquiring an additional 734 shares during the last quarter. Mendon Capital Advisors Corp bought a new position in Banc of California in the second quarter valued at $102,000. Algert Global LLC bought a new position in Banc of California in the second quarter valued at $182,000. Finally, The Manufacturers Life Insurance Company increased its stake in Banc of California by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after acquiring an additional 1,939 shares during the last quarter. 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.