Banc of California (NYSE:BANC) PT Lowered to $14.00 at Barclays

Banc of California (NYSE:BANC) had its target price lowered by Barclays from $15.00 to $14.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

BANC has been the subject of several other research reports. Wedbush lowered their price target on shares of Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research report on Wednesday, April 24th. Stephens lowered 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 Tuesday, May 14th. Truist Financial lifted their price target on shares of Banc of California from $13.00 to $15.00 and gave the stock a hold rating in a research report on Wednesday. DA Davidson reduced their price objective on shares of Banc of California from $20.00 to $17.50 and set a buy rating on the stock in a research note on Wednesday, May 15th. Finally, Wells Fargo & Company reduced their price objective on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $15.69.

Banc of California Stock Up 6.7 %

Shares of NYSE BANC opened at $14.38 on Wednesday. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The firm’s 50-day moving average is $13.35 and its 200-day moving average is $13.85. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $2.26 billion, a PE ratio of -4.32 and a beta of 1.14.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same quarter in the prior year, the firm earned $0.32 EPS. Equities analysts expect that Banc of California will post 1.02 EPS for the current year.

Banc of California Dividend Announcement

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 dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.78%. The ex-dividend date was Friday, June 14th. Banc of California’s payout ratio is -12.01%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. South Dakota Investment Council lifted its stake in Banc of California by 238.8% in the fourth quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock valued at $7,669,000 after buying an additional 402,498 shares in the last quarter. Crescent Grove Advisors LLC bought a new position in Banc of California in the fourth quarter valued at approximately $1,303,000. New York State Teachers Retirement System lifted its stake in Banc of California by 510.7% in the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock valued at $1,072,000 after buying an additional 66,739 shares in the last quarter. Peregrine Capital Management LLC lifted its stake in Banc of California by 22.2% in the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after buying an additional 114,173 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new position in Banc of California in the fourth quarter valued at approximately $1,488,000. 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.