Banc of California (NYSE:BANC) PT Lowered to $15.00

Banc of California (NYSE:BANC) had its price objective lowered by stock analysts at Truist Financial from $16.00 to $15.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price objective would indicate a potential upside of 4.75% from the company’s previous close.

Several other brokerages also recently commented on BANC. Wells Fargo & Company increased their price objective on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Barclays dropped their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday. Wedbush dropped 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 note on Wednesday. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Finally, StockNews.com assumed coverage on shares of Banc of California in a research note on Monday, January 29th. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Hold” and a consensus price target of $16.64.

Banc of California Stock Performance

Shares of Banc of California stock opened at $14.32 on Thursday. The company has a 50 day moving average of $14.49 and a 200-day moving average of $13.34. Banc of California has a 1-year low of $9.72 and a 1-year 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 issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The firm had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period last year, the company posted $0.37 EPS. Research analysts expect that Banc of California will post 1.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Banc of California

In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the transaction, the insider now directly owns 24,979 shares in the company, valued at approximately $373,935.63. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the completion of the sale, the insider now directly owns 24,979 shares in the company, valued at $373,935.63. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jared M. Wolff acquired 7,130 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were purchased at an average price of $13.98 per share, with a total value of $99,677.40. Following the completion of the transaction, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 27,130 shares of company stock worth $445,277. 7.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Banc of California

Large investors have recently modified their holdings of the company. Versant Capital Management Inc increased its position in shares of Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares during the period. Riverview Trust Co acquired a new stake in shares of Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the first quarter worth $30,000. Lee Financial Co acquired a new stake in Banc of California in the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in Banc of California in the fourth quarter worth $41,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.