Piper Sandler Cuts Banc of California (NYSE:BANC) Price Target to $22.00

Banc of California (NYSE:BANC) had its price target reduced by Piper Sandler from $23.00 to $22.00 in a report issued on Thursday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the bank’s stock.

A number of other brokerages have also recently weighed in on BANC. Barclays set a $10.00 price target on Banc of California in a research report on Tuesday, September 15th. Weiss Ratings cut shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Wall Street Zen upgraded shares of Banc of California from a “strong sell” rating to a “sell” rating in a report on Sunday, September 27th. JPMorgan Chase & Co. lifted their target price on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Wells Fargo & Company reduced their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Banc of California currently has an average rating of “Moderate Buy” and a consensus price target of $20.78.

Banc of California Stock Performance

BANC opened at $17.76 on Thursday. Banc of California has a 1-year low of $15.33 and a 1-year high of $21.93. The stock has a market cap of $2.81 billion, a P/E ratio of -42.29 and a beta of 0.77. The stock’s 50 day simple moving average is $18.72 and its 200 day simple moving average is $19.00. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business’s revenue for the quarter was down 94.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 earnings per share. As a group, equities analysts anticipate that Banc of California will post 1.7 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Tuesday, September 15th. Banc of California’s dividend payout ratio is currently -114.29%.

Insiders Place Their Bets

In related news, General Counsel Ido Dotan sold 10,541 shares of the business’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the completion of the transaction, the general counsel owned 45,702 shares of the company’s stock, valued at approximately $836,346.60. The trade was a 18.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Olivia I. Lindsay sold 6,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.78% of the stock is owned by company insiders.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently modified their holdings of BANC. Crescent Grove Advisors LLC boosted its position in shares of Banc of California by 0.5% during the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock worth $1,810,000 after buying an additional 525 shares during the period. EverSource Wealth Advisors LLC increased its position in Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after acquiring an additional 564 shares during the period. GAMMA Investing LLC increased its position in Banc of California by 22.8% in the 2nd quarter. GAMMA Investing LLC now owns 6,576 shares of the bank’s stock valued at $134,000 after acquiring an additional 1,222 shares during the period. Hantz Financial Services Inc. raised its stake in Banc of California by 199.0% during the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after acquiring an additional 1,437 shares in the last quarter. Finally, Western Wealth Management LLC bought a new stake in Banc of California during the 1st quarter valued at $29,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

About Banc of California

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.