Banc of California (NYSE:BANC) Receives Equal Weight Rating from Stephens

Stephens reiterated their equal weight rating on shares of Banc of California (NYSE:BANC) in a report published on Wednesday, Benzinga reports. They currently have a $14.00 price objective on the bank’s stock.

Several other brokerages have also weighed in on BANC. Keefe, Bruyette & Woods cut their price objective on shares of Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a report on Tuesday, July 9th. Truist Financial increased their price objective on shares of Banc of California from $13.00 to $15.00 and gave the stock a hold rating in a research report on Wednesday, July 24th. DA Davidson reduced 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. 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. Finally, Wells Fargo & Company cut their target price on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $15.69.

Banc of California Stock Down 2.3 %

Shares of NYSE BANC opened at $13.81 on Wednesday. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The business has a fifty day moving average of $13.65 and a two-hundred day moving average of $13.92. The stock has a market cap of $2.17 billion, a PE ratio of -4.15 and a beta of 1.13.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. During the same period in the previous year, the firm earned $0.32 earnings per share. As a group, equities research analysts expect that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Monday, September 16th. Banc of California’s payout ratio is currently -12.01%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 7.37% of the stock is currently owned by insiders.

Institutional Trading of Banc of California

Several institutional investors and hedge funds have recently modified their holdings of the business. Mendon Capital Advisors Corp acquired a new position in Banc of California during the second quarter worth about $102,000. Algert Global LLC bought a new stake in shares of Banc of California during the 2nd quarter valued at approximately $182,000. The Manufacturers Life Insurance Company increased its position in Banc of California by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock worth $989,000 after purchasing an additional 1,939 shares in the last quarter. Marshall Wace LLP bought a new position in Banc of California in the 2nd quarter valued at approximately $166,000. Finally, Public Sector Pension Investment Board grew its stake in shares of Banc of California by 7.5% during the second quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank’s stock worth $3,904,000 after buying an additional 21,365 shares during the last quarter. 86.88% of the stock is currently owned by 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.