Banc of California, Inc. (NYSE:BANC) Given Consensus Recommendation of “Hold” by Brokerages

Banc of California, Inc. (NYSE:BANC) has received a consensus rating of “Hold” from the eight ratings firms that are covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $16.31.

BANC has been the subject of a number of research analyst reports. Wells Fargo & Company upped their target price on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Truist Financial cut their price objective on Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, April 25th. StockNews.com upgraded Banc of California to a “sell” rating in a research report on Thursday, April 25th. Keefe, Bruyette & Woods upgraded 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 report on Friday, March 22nd. Finally, DA Davidson cut their price objective on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th.

Banc of California Stock Performance

BANC opened at $12.86 on Tuesday. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -3.86 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a 1-year low of $9.96 and a 1-year high of $16.08. The business has a 50 day moving average price of $14.10 and a two-hundred day moving average price of $13.80.

Banc of California (NYSE:BANC) last released its 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). The firm had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter last year, the company earned $0.37 earnings per share. Research analysts predict that Banc of California will post 1.11 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.10 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.11%. Banc of California’s payout ratio is currently -12.01%.

Insider Activity

In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of Banc of California stock in a transaction dated Thursday, April 25th. The stock was bought at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of hedge funds have recently modified their holdings of BANC. Vanguard Group Inc. increased its stake in shares of Banc of California by 143.4% in the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after acquiring an additional 5,311,842 shares during the last quarter. Capital Research Global Investors acquired a new position in shares of Banc of California in the first quarter worth $32,618,000. Bayview Asset Management LLC acquired a new position in shares of Banc of California in the fourth quarter worth $27,297,000. Goldman Sachs Group Inc. increased its stake in shares of Banc of California by 148.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after acquiring an additional 1,791,992 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Banc of California by 345.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock worth $30,775,000 after acquiring an additional 1,777,330 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

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.