Stephens Cuts Banc of California (NYSE:BANC) Price Target to $14.00

Banc of California (NYSE:BANC) had its target price trimmed by Stephens from $15.00 to $14.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

A number of other research firms also recently weighed in on BANC. Truist Financial increased their target price on Banc of California from $13.00 to $15.00 and gave the company a hold rating in a report on Wednesday. Wells Fargo & Company reduced their price target on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research report on Tuesday, July 9th. Piper Sandler reduced their price target on Banc of California from $20.00 to $19.00 and set an overweight rating for the company in a research report on Monday, May 13th. DA Davidson reduced their price target 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. Finally, Barclays reduced their price target on Banc of California from $15.00 to $14.00 and set an equal weight rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Banc of California presently has an average rating of Hold and an average price target of $15.69.

Banc of California Stock Up 6.7 %

BANC stock opened at $14.38 on Wednesday. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.54. The business’s 50-day moving average is $13.35 and its two-hundred day moving average is $13.85. 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 cap of $2.26 billion, a price-to-earnings ratio of -4.32 and a beta of 1.14.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The firm had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same period in the prior year, the company posted $0.32 EPS. As a group, analysts forecast that Banc of California will post 1.02 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Friday, June 14th. Banc of California’s dividend payout ratio is currently -12.01%.

Institutional Trading of Banc of California

Several institutional investors have recently made changes to their positions in the business. Mutual of America Capital Management LLC grew its position in shares of Banc of California by 4.3% during the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock worth $363,000 after purchasing an additional 984 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Banc of California by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock worth $892,000 after purchasing an additional 1,200 shares in the last quarter. Truist Financial Corp grew its holdings in Banc of California by 9.8% during the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after buying an additional 1,223 shares in the last quarter. Fifth Third Bancorp grew its holdings in Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after buying an additional 1,273 shares in the last quarter. Finally, Riverview Trust Co purchased a new position in Banc of California during the 1st quarter valued at approximately $29,000. 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.