Banc of California’s (BANC) “Equal Weight” Rating Reiterated at Stephens

Stephens reaffirmed their equal weight rating on shares of Banc of California (NYSE:BANC) in a research report released on Wednesday morning, Benzinga reports. They currently have a $14.00 price target on the bank’s stock.

A number of other brokerages have also recently issued reports on BANC. DA Davidson reduced their price objective on Banc of California from $20.00 to $17.50 and set a buy rating for the company in a report on Wednesday, May 15th. Truist Financial lifted their price target on shares of Banc of California from $13.00 to $15.00 and gave the company a hold rating in a research report on Wednesday, July 24th. Barclays dropped their price target on shares of Banc of California from $15.00 to $14.00 and set an equal weight rating for the company in a research report on Wednesday, July 24th. Wedbush reiterated a neutral rating and issued a $14.00 price target on shares of Banc of California in a research report on Wednesday, July 24th. Finally, Wells Fargo & Company dropped 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, July 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Banc of California has an average rating of Hold and a consensus target price of $15.69.

Banc of California Trading Down 2.2 %

Shares of NYSE:BANC opened at $13.82 on Wednesday. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.54. The stock has a market cap of $2.17 billion, a PE ratio of -4.15 and a beta of 1.14. The business has a 50 day moving average of $13.65 and a 200-day moving average of $13.92. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same quarter in the prior year, the firm earned $0.32 EPS. As a group, equities research analysts forecast that Banc of California will post 0.61 earnings per share for the current year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.89%. Banc of California’s dividend payout ratio is currently -12.01%.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 7.37% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BANC. Fifth Third Bancorp increased its holdings 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 worth $27,000 after buying an additional 1,273 shares in the last quarter. Riverview Trust Co acquired a new position in shares of Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California during the first quarter worth $30,000. Lee Financial Co acquired a new position in shares of Banc of California during the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in shares of Banc of California during the fourth quarter worth $41,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.