Banc of California (NYSE:BANC) Price Target Raised to $16.00

Banc of California (NYSE:BANC) had its price objective boosted by Wells Fargo & Company from $14.00 to $16.00 in a report issued on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

Several other research analysts have also weighed in on the company. Truist Financial reiterated a hold rating and set a $16.00 target price on shares of Banc of California in a report on Monday, April 1st. Barclays initiated coverage on Banc of California in a report on Friday, March 8th. They set an equal weight rating and a $16.00 target price on the stock. Keefe, Bruyette & Woods upgraded Banc of California from a market perform rating to an outperform rating and lifted their target price for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. StockNews.com initiated coverage on Banc of California in a report on Monday, January 29th. They set a hold rating on the stock. Finally, Wedbush lifted their target price on Banc of California from $14.00 to $16.00 and gave the stock a neutral rating in a report on Friday, January 26th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $17.07.

Banc of California Stock Down 5.2 %

NYSE:BANC opened at $14.21 on Wednesday. Banc of California has a 12-month low of $9.72 and a 12-month high of $16.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $2.23 billion, a P/E ratio of -4.50 and a beta of 1.15. The stock’s fifty day simple moving average is $14.35 and its 200-day simple moving average is $13.19.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The company had revenue of $193.06 million during the quarter, compared to the consensus estimate of $163.11 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. Equities research analysts expect that Banc of California will post 1.62 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio is -12.66%.

Insider Buying and Selling at Banc of California

In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of Banc of California stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the sale, the insider now owns 24,979 shares of the company’s stock, valued at approximately $373,935.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.80% of the company’s stock.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of the company. Versant Capital Management Inc increased its position in shares of Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares during the last quarter. Lee Financial Co acquired a new stake in shares of Banc of California in the fourth quarter valued at about $40,000. Longfellow Investment Management Co. LLC acquired a new stake in shares of Banc of California in the fourth quarter valued at about $41,000. Anchor Investment Management LLC acquired a new stake in shares of Banc of California in the fourth quarter valued at about $44,000. Finally, Avior Wealth Management LLC acquired a new stake in shares of Banc of California in the fourth quarter valued at about $44,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Company Profile

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.