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

Banc of California (NYSE:BANC) had its target price reduced by Truist Financial from $16.00 to $15.00 in a research report released on Thursday morning, Benzinga reports. They currently have a hold rating on the bank’s stock.

Several other research analysts also recently weighed in on the company. Wedbush cut their price target on Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a report on Wednesday, April 24th. Barclays cut their price target on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a report on Wednesday, April 24th. Keefe, Bruyette & Woods upgraded Banc of California from a market perform rating to an outperform rating and upped their price objective for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. StockNews.com assumed coverage on Banc of California in a report on Monday, January 29th. They set a hold rating for the company. Finally, Wells Fargo & Company upped their price objective on Banc of California from $14.00 to $16.00 and gave the stock an equal weight rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $16.64.

Banc of California Trading Up 1.6 %

Shares of BANC opened at $14.32 on Thursday. The stock has a fifty day moving average of $14.49 and a two-hundred day moving average of $13.35. 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 company has a market capitalization of $2.25 billion, a PE ratio of -4.30 and a beta of 1.15. Banc of California has a fifty-two week low of $9.72 and a fifty-two week high of $16.08.

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 the consensus estimate of $0.26 by ($0.07). The business had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter last year, the firm posted $0.37 earnings per share. As a group, analysts forecast that Banc of California will post 1.32 EPS for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Insider Buying and Selling

In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average cost of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director now owns 159,680 shares in the company, valued at $2,101,388.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average cost of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director now owns 159,680 shares in the company, valued at $2,101,388.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jared M. Wolff purchased 7,130 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were acquired at an average cost 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 in the company, valued at approximately $3,756,356.10. The disclosure for this purchase can be found here. In the last three months, insiders acquired 27,130 shares of company stock valued at $445,277. Company insiders own 7.37% of the company’s stock.

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 company. LifeSteps Financial Inc. purchased a new position in Banc of California in the 1st quarter valued at about $60,000. Louisiana State Employees Retirement System boosted its position in Banc of California by 4.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 68,600 shares of the bank’s stock valued at $1,043,000 after buying an additional 3,200 shares during the last quarter. Maryland State Retirement & Pension System boosted its position in Banc of California by 5.1% in the 1st quarter. Maryland State Retirement & Pension System now owns 49,943 shares of the bank’s stock valued at $691,000 after buying an additional 2,407 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Banc of California by 4.9% in the 1st quarter. State of Alaska Department of Revenue now owns 84,432 shares of the bank’s stock valued at $1,284,000 after buying an additional 3,969 shares during the last quarter. Finally, First Dallas Securities Inc. bought a new position in shares of Banc of California during the first quarter worth about $608,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.