Shares of Banc of California, Inc. (NYSE:BANC – Get Free Report) have been assigned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $22.50.
A number of research firms have recently issued reports on BANC. Piper Sandler cut their target price on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 1st. Weiss Ratings lowered shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. UBS Group assumed coverage on shares of Banc of California in a report on Monday, September 14th. They issued a “neutral” rating and a $20.00 price target on the stock. Wall Street Zen upgraded shares of Banc of California from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 27th. Finally, Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th.
Check Out Our Latest Report on BANC
Banc of California Trading Up 0.5%
Shares of Banc of California stock opened at $18.57 on Tuesday. The business has a fifty day simple moving average of $18.02 and a two-hundred day simple moving average of $18.96. Banc of California has a 1 year low of $16.12 and a 1 year high of $21.93. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of -54.61 and a beta of 0.77. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.87 and a quick ratio of 0.86.
Banc of California (NYSE:BANC – Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. The firm had revenue of $303.07 million during the quarter, compared to analysts’ expectations of $306.27 million. During the same period in the previous year, the business posted $0.38 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. Research analysts forecast that Banc of California will post 1.72 EPS for the current year.
Banc of California Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were paid a $0.12 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.48 annualized dividend and a yield of 2.6%. Banc of California’s payout ratio is -114.29%.
Insiders Place Their Bets
In other Banc of California news, insider Olivia Lindsay sold 6,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the transaction, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total value of $192,900.30. Following the transaction, the general counsel owned 45,702 shares in the company, valued at $836,346.60. The trade was a 18.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.78% of the company’s stock.
Institutional Investors Weigh In On Banc of California
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Banc of California during the 2nd quarter worth approximately $462,252,000. Dimensional Fund Advisors LP raised its position in Banc of California by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank’s stock valued at $113,640,000 after purchasing an additional 600,791 shares in the last quarter. Wellington Management Group LLP raised its position in Banc of California by 147.2% during the second quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock valued at $125,070,000 after purchasing an additional 3,645,579 shares in the last quarter. North Reef Capital Management LP lifted its stake in Banc of California by 29.7% during the first quarter. North Reef Capital Management LP now owns 1,500,000 shares of the bank’s stock worth $26,370,000 after purchasing an additional 343,320 shares during the last quarter. Finally, Hodges Capital Management Inc. lifted its stake in Banc of California by 5.6% during the first quarter. Hodges Capital Management Inc. now owns 1,462,302 shares of the bank’s stock worth $25,707,000 after purchasing an additional 77,012 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.
Key Headlines Impacting Banc of California
Here are the key news stories impacting Banc of California this week:
- Positive Sentiment: Banc of California reported third-quarter diluted EPS of $0.46, narrowly exceeding the $0.45 analyst consensus and improving from $0.38 a year earlier. Revenue increased 5.6% year over year to approximately $303.1 million. Banc of California reports third quarter diluted earnings per share of $0.46
- Positive Sentiment: Management forecast fourth-quarter pretax, pre-provision income of $125 million to $130 million and guided net interest margin to approximately 3.35%–3.40%, signaling confidence in operating performance and core banking trends. Banc of California expects Q4 pretax pre-provision income and net interest margin guidance
- Positive Sentiment: The earnings call commentary was characterized as an “upswing,” with management emphasizing its forward outlook and ongoing business momentum. Banc of California’s earnings call signals confident upswing
- Neutral Sentiment: Analyst coverage continues to focus on BANC’s earnings outlook, valuation, and operating trends. Investors are weighing whether the projected improvement is adequately reflected in the stock. Analysts offer insights on Banc of California and other financial companies
- Negative Sentiment: Quarterly revenue of about $303.1 million fell short of the roughly $306.3 million consensus estimate. The company also reported a slightly negative net margin, highlighting continued pressure beneath the headline EPS beat. Banc of California reports third-quarter earnings results
About Banc of California
Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.
The company primarily serves customers throughout California, with operations and relationships extending into select western markets.
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