Banc of California (NYSE:BANC) Given New $15.00 Price Target at Barclays

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

A number of other analysts have also commented on BANC. StockNews.com assumed coverage on shares of Banc of California in a research note on Monday, January 29th. They set a hold rating for the company. Truist Financial reaffirmed a hold rating and set a $16.00 price objective on shares of Banc of California in a report on Monday, April 1st. Keefe, Bruyette & Woods raised shares of Banc of California from a market perform rating to an outperform rating and lifted their price objective for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. Wells Fargo & Company lifted 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 report on Wednesday, April 10th. Finally, Wedbush cut their price objective on shares of Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a report on Wednesday. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $16.92.

Banc of California Stock Performance

Shares of BANC stock opened at $14.08 on Wednesday. The firm has a market capitalization of $2.21 billion, a PE ratio of -4.46 and a beta of 1.15. The firm has a fifty day simple moving average of $14.49 and a two-hundred day simple moving average of $13.32. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 12 month low of $9.72 and a 12 month high of $16.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates 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 negative net margin of 44.04% and a positive return on equity of 1.14%. During the same quarter last year, the firm posted $0.37 EPS. Analysts forecast that Banc of California will post 1.5 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio (DPR) is currently -12.66%.

Insider Buying and Selling

In related news, insider Robert G. Dyck sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total value of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares of the company’s stock, valued at approximately $373,935.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 7.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Banc of California

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System boosted its position in Banc of California by 4.9% during the first quarter. Louisiana State Employees Retirement System now owns 68,600 shares of the bank’s stock worth $1,043,000 after purchasing an additional 3,200 shares during the period. Maryland State Retirement & Pension System boosted its position in shares of Banc of California by 5.1% in the first quarter. Maryland State Retirement & Pension System now owns 49,943 shares of the bank’s stock valued at $691,000 after acquiring an additional 2,407 shares during the period. State of Alaska Department of Revenue boosted its position in shares of Banc of California by 4.9% in the first quarter. State of Alaska Department of Revenue now owns 84,432 shares of the bank’s stock valued at $1,284,000 after acquiring an additional 3,969 shares during the period. First Dallas Securities Inc. bought a new position in shares of Banc of California in the first quarter valued at approximately $608,000. Finally, Hodges Capital Management Inc. boosted its position in shares of Banc of California by 288.4% in the first quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock valued at $26,587,000 after acquiring an additional 1,298,004 shares during the period. 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.