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

Banc of California (NYSE:BANC) had its target price reduced by Barclays from $15.00 to $14.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the bank’s stock.

BANC has been the subject of several other research reports. Wedbush lowered their target price on shares of Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research note on Wednesday, April 24th. StockNews.com raised Banc of California to a sell rating in a research note on Thursday, April 25th. Stephens decreased their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research note on Tuesday, May 14th. DA Davidson dropped their price target on Banc of California from $20.00 to $17.50 and set a buy rating on the stock in a research report on Wednesday, May 15th. Finally, Keefe, Bruyette & Woods decreased their price objective on Banc of California from $18.00 to $17.00 and set an outperform rating for the company in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $15.69.

Banc of California Stock Up 6.8 %

NYSE:BANC opened at $14.40 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.54. The stock’s fifty day simple moving average is $13.35 and its 200-day simple moving average is $13.86. The firm has a market capitalization of $2.26 billion, a P/E ratio of -4.32 and a beta of 1.14.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The company had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same quarter last year, the business posted $0.32 EPS. Equities research analysts expect that Banc of California will post 0.87 earnings per share for the current year.

Banc of California Dividend Announcement

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

Institutional Trading of Banc of California

A number of hedge funds and other institutional investors have recently made changes to their positions in BANC. First National Bank of Hutchinson grew its position in Banc of California by 39.6% in the second quarter. First National Bank of Hutchinson now owns 72,190 shares of the bank’s stock valued at $923,000 after purchasing an additional 20,493 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Banc of California by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,200 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares during the last quarter. Neo Ivy Capital Management bought a new stake in Banc of California during the second quarter worth about $2,953,000. Finally, Assenagon Asset Management S.A. boosted its position in Banc of California by 36.8% during the second quarter. Assenagon Asset Management S.A. now owns 116,041 shares of the bank’s stock valued at $1,483,000 after purchasing an additional 31,246 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.