Banc of California (NYSE:BANC) Given New $15.00 Price Target at Truist Financial

Banc of California (NYSE:BANC) had its target price lowered by Truist Financial from $16.00 to $15.00 in a research note issued to investors on Thursday morning, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

Several other analysts also recently issued reports on the stock. Barclays reduced their price target on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods raised shares of Banc of California from a market perform rating to an outperform rating and boosted their target price for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Wells Fargo & Company raised their price target on shares of Banc of California from $14.00 to $16.00 and gave the company an equal weight rating in a research report on Wednesday, April 10th. Wedbush decreased their price objective on Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a report on Wednesday. Finally, StockNews.com started coverage on Banc of California in a report on Monday, January 29th. They issued a hold rating on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $16.64.

Banc of California Price Performance

Shares of NYSE:BANC traded up $0.11 during mid-day trading on Thursday, reaching $14.21. 79,470 shares of the company’s stock were exchanged, compared to its average volume of 2,455,964. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08. The business’s fifty day moving average price is $14.50 and its 200-day moving average price is $13.32. 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 (NYSE:BANC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The firm had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. During the same quarter in the previous year, the firm earned $0.37 EPS. As a group, equities research analysts forecast that Banc of California will post 1.5 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors 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 dividend on an annualized basis and a dividend yield of 2.81%. Banc of California’s dividend payout ratio is -12.01%.

Insider Activity

In related news, Director James Andrew Barker acquired 10,000 shares of Banc of California stock in a transaction dated Wednesday, February 14th. The shares were purchased at an average cost of $13.16 per share, with a total value of $131,600.00. Following the completion of the purchase, the director now owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. 7.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BANC. Vanguard Group Inc. raised its holdings in Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after purchasing an additional 5,311,842 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Banc of California by 49.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after buying an additional 1,615,478 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in 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 buying an additional 1,791,992 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Banc of California by 345.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after acquiring an additional 1,777,330 shares in the last quarter. Finally, Bayview Asset Management LLC purchased a new position in shares of Banc of California during the 4th quarter worth approximately $27,297,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.