Banc of California (NYSE:BANC) Cut to Neutral at Brean Capital

Brean Capital lowered shares of Banc of California (NYSE:BANC) from a buy rating to a neutral rating in a research report released on Thursday morning, Marketbeat reports.

A number of other research firms have also issued reports on BANC. Wells Fargo & Company boosted their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Piper Sandler raised their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. DA Davidson reiterated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. Barclays cut their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Finally, Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.75.

Banc of California Price Performance

BANC stock opened at $19.07 on Thursday. Banc of California has a one year low of $13.96 and a one year high of $21.93. The firm has a 50-day moving average of $20.11 and a two-hundred day moving average of $19.29. The firm has a market capitalization of $2.94 billion, a PE ratio of -45.42 and a beta of 0.73. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were issued a $0.12 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Banc of California’s dividend payout ratio is currently -114.29%.

Institutional Trading of Banc of California

Several institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its stake in shares of Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after purchasing an additional 2,433,394 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Banc of California by 45.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after buying an additional 1,576,914 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in Banc of California in the second quarter worth approximately $17,400,000. North Reef Capital Management LP acquired a new position in Banc of California in the fourth quarter worth approximately $22,312,000. Finally, Assenagon Asset Management S.A. bought a new position in Banc of California during the second quarter valued at approximately $21,767,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.