Banc of California (NYSE:BANC) PT Lowered to $13.00 at Truist Financial

Banc of California (NYSE:BANCFree Report) had its target price trimmed by Truist Financial from $15.00 to $13.00 in a research report report published on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

A number of other research firms have also recently weighed in on BANC. Stephens decreased their price objective on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research report on Tuesday, May 14th. Piper Sandler decreased their price objective 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. Keefe, Bruyette & Woods raised Banc of California from a market perform rating to an outperform rating and increased their target price for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. StockNews.com raised Banc of California to a sell rating in a research note on Thursday, April 25th. Finally, Barclays cut their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research note on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $15.81.

Check Out Our Latest Stock Analysis on Banc of California

Banc of California Stock Up 2.2 %

Shares of NYSE BANC opened at $12.80 on Monday. The stock has a market cap of $2.01 billion, a PE ratio of -3.84 and a beta of 1.14. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 52-week low of $9.96 and a 52-week high of $16.08. The business has a 50-day moving average price of $13.46 and a 200 day moving average price of $13.79.

Banc of California (NYSE:BANCGet Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $296.02 million. During the same period in the previous year, the business posted $0.37 earnings per share. Equities research analysts forecast that Banc of California will post 1.04 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Friday, June 14th. Banc of California’s payout ratio is currently -12.01%.

Insider Activity at Banc of California

In related news, CEO Jared M. Wolff purchased 7,130 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was bought at an average price of $13.98 per share, with a total value of $99,677.40. Following the completion of the transaction, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Banc of California

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after acquiring an additional 1,582,941 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 valued at $65,191,000 after acquiring an additional 1,615,478 shares during the last quarter. PL Capital Advisors LLC boosted its holdings in Banc of California by 0.7% in the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after acquiring an additional 22,500 shares during the last quarter. Goldman Sachs Group Inc. boosted 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 valued at $40,260,000 after acquiring an additional 1,791,992 shares during the last quarter. Finally, William Blair Investment Management LLC raised its position in Banc of California by 42.1% in the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after purchasing an additional 762,959 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Banc of California (NYSE:BANC)

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