Brokerages Set Banc of California, Inc. (NYSE:BANC) Price Target at $17.07

Shares of Banc of California, Inc. (NYSE:BANC) have earned an average recommendation of “Hold” from the five ratings firms that are currently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $17.07.

A number of analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of 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. StockNews.com began coverage on shares of Banc of California in a research report on Monday, January 29th. They set a “hold” rating on the stock. Truist Financial reaffirmed a “hold” rating and set a $16.00 price objective on shares of Banc of California in a research report on Monday, April 1st. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Finally, Wedbush raised their price objective on shares of Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, January 26th.

Banc of California Price Performance

NYSE BANC opened at $13.86 on Monday. The company has a 50 day simple moving average of $14.47 and a 200-day simple moving average of $13.29. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of -4.39 and a beta of 1.15. Banc of California has a 52-week low of $9.72 and a 52-week high of $16.08.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). The company had revenue of $193.06 million during the quarter, compared to analysts’ expectations of $163.11 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same period last year, the company earned $0.45 earnings per share. Equities research analysts predict that Banc of California will post 1.5 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.89%. Banc of California’s dividend payout ratio (DPR) is presently -12.66%.

Insider Buying and Selling at Banc of California

In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now owns 24,979 shares in the company, valued at $373,935.63. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of BANC. Versant Capital Management Inc grew its stake in shares of Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares during the last quarter. Riverview Trust Co acquired a new stake in shares of Banc of California in the first quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Banc of California in the first quarter worth $30,000. Lee Financial Co acquired a new stake in shares of Banc of California in the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in shares of Banc of California in the fourth quarter worth $41,000. Institutional investors and hedge funds 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.