Banc of California (NYSE:BANC) Price Target Cut to $15.00 by Analysts at Truist Financial

Banc of California (NYSE:BANC) had its price target reduced by Truist Financial from $16.00 to $15.00 in a research report sent to investors on Thursday morning, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

BANC has been the topic of several other research reports. Wedbush cut their price target on Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a report on Wednesday. Wells Fargo & Company raised their price target on Banc of California from $14.00 to $16.00 and gave the stock an equal weight rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods raised Banc of California from a market perform rating to an outperform rating and raised their price target for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. StockNews.com assumed coverage on Banc of California in a report on Monday, January 29th. They issued a hold rating on the stock. Finally, Barclays cut their price target on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $16.64.

Banc of California Price Performance

Shares of BANC opened at $14.32 on Thursday. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -4.30 and a beta of 1.15. The stock has a 50 day moving average of $14.49 and a 200-day moving average of $13.35. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 52 week low of $9.72 and a 52 week high of $16.08.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the previous year, the business posted $0.37 EPS. As a group, analysts forecast that Banc of California will post 1.37 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.79%. The ex-dividend date was Thursday, March 14th. Banc of California’s payout ratio is currently -12.01%.

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 on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jared M. Wolff acquired 7,130 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were bought at an average price of $13.98 per share, with a total value of $99,677.40. Following the purchase, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Robert G. Dyck sold 10,000 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the sale, the insider now directly owns 24,979 shares in the company, valued at approximately $373,935.63. The disclosure for this sale can be found here. Insiders have acquired 27,130 shares of company stock valued at $445,277 in the last quarter. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the company. Versant Capital Management Inc raised its stake in shares of Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares in the last quarter. Riverview Trust Co bought a new stake in shares of Banc of California in the 1st quarter worth $29,000. Future Financial Wealth Managment LLC bought a new stake in shares of Banc of California in the 1st quarter worth $30,000. Lee Financial Co acquired a new position in shares of Banc of California in the 4th quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in shares of Banc of California in the 4th quarter worth $41,000. 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.