Banc of California (NYSE:BANC) Price Target Lowered to $15.00 at Wedbush

Banc of California (NYSE:BANC) had its price target reduced by Wedbush from $16.00 to $15.00 in a research report report published on Wednesday, Benzinga reports. They currently have a neutral rating on the bank’s stock.

Other equities research analysts have also recently issued research reports about the stock. Truist Financial reissued a hold rating and set a $16.00 target price on shares of Banc of California in a research report on Monday, April 1st. Barclays initiated coverage on shares of Banc of California in a research note on Friday, March 8th. They set an equal weight rating and a $16.00 price target on the stock. Keefe, Bruyette & Woods upgraded shares of Banc of California from a market perform rating to an outperform rating and increased their price objective for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. Wells Fargo & Company increased their price objective on shares of Banc of California from $14.00 to $16.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. Finally, StockNews.com initiated coverage on shares of Banc of California in a research note on Monday, January 29th. They issued a hold rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Banc of California presently has a consensus rating of Hold and a consensus price target of $16.64.

Banc of California Trading Up 1.6 %

BANC opened at $14.32 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California has a fifty-two week low of $9.72 and a fifty-two week high of $16.08. The firm’s fifty day moving average is $14.49 and its 200 day moving average is $13.34.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The company had revenue of $522.57 million during the quarter, compared to analysts’ expectations of $296.02 million. During the same quarter in the previous year, the firm earned $0.37 EPS. Research analysts forecast that Banc of California will post 1.37 EPS for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed 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. This represents a $0.40 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s payout ratio is -12.01%.

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 on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares of the company’s stock, valued at $373,935.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares of the company’s stock, valued at $373,935.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jared M. Wolff purchased 7,130 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The disclosure for this purchase can be found here. Insiders have purchased a total of 27,130 shares of company stock valued at $445,277 over the last ninety days. Corporate insiders own 7.37% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Banc of California by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock worth $303,000 after buying an additional 955 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Banc of California by 9.8% in the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after buying an additional 1,223 shares in the last quarter. Sippican Capital Advisors increased its position in Banc of California by 1.2% during the third quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock worth $1,425,000 after purchasing an additional 1,325 shares during the last quarter. Versant Capital Management Inc increased its position in Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after purchasing an additional 1,825 shares during the last quarter. Finally, Riverview Trust Co acquired a new stake in Banc of California during the first quarter worth about $29,000. 86.88% of the stock is owned by hedge funds and other 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.