Banc of California (BANC) – Analysts’ Recent Ratings Updates

A number of research firms have changed their ratings and price targets for Banc of California (NYSE: BANC):

• 7/24/2024 – Banc of California had its “neutral” rating reaffirmed by analysts at Wedbush. They now have a $14.00 price target on the stock.
• 7/24/2024 – Banc of California had its price target raised by analysts at Truist Financial Co. from $13.00 to $15.00. They now have a “hold” rating on the stock.
• 7/24/2024 – Banc of California had its price target lowered by analysts at Stephens from $15.00 to $14.00. They now have an “equal weight” rating on the stock.
• 7/24/2024 – Banc of California had its price target lowered by analysts at Barclays PLC from $15.00 to $14.00. They now have an “equal weight” rating on the stock.
• 7/9/2024 – Banc of California had its price target lowered by analysts at Keefe, Bruyette & Woods from $18.00 to $17.00. They now have an “outperform” rating on the stock.
• 7/9/2024 – Banc of California had its price target lowered by analysts at Wells Fargo & Company from $16.00 to $15.00. They now have an “equal weight” rating on the stock.
• 7/8/2024 – Banc of California had its price target lowered by analysts at Truist Financial Co. from $15.00 to $13.00. They now have a “hold” rating on the stock.

Banc of California Stock Down 2.3 %

Shares of Banc of California stock traded down $0.33 during trading hours on Monday, reaching $14.07. The company’s stock had a trading volume of 147,484 shares, compared to its average volume of 2,425,614. Banc of California, Inc. has a one year low of $9.96 and a one year high of $15.54. The company has a market capitalization of $2.21 billion, a P/E ratio of -4.23 and a beta of 1.14. The stock’s fifty day simple moving average is $13.35 and its two-hundred day simple moving average is $13.86. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same period last year, the business posted $0.32 earnings per share. On average, research analysts forecast that Banc of California, Inc. will post 0.77 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Friday, June 14th. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Mutual of America Capital Management LLC lifted its position in shares of Banc of California by 4.3% during the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock valued at $363,000 after purchasing an additional 984 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Banc of California by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after purchasing an additional 1,200 shares in the last quarter. Truist Financial Corp lifted its position in shares of Banc of California by 9.8% during the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after purchasing an additional 1,223 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares in the last quarter. Finally, Riverview Trust Co bought a new position in shares of Banc of California during the first quarter valued at about $29,000. 86.88% of the stock is owned by institutional investors.

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.