Banc of California (NYSE:BANC) Stock Rating Upgraded by Wedbush

Wedbush upgraded shares of Banc of California (NYSE:BANC) from a neutral rating to an outperform rating in a report released on Tuesday, Marketbeat reports. Wedbush currently has $18.00 price target on the bank’s stock, up from their previous price target of $14.00. Wedbush also issued estimates for Banc of California’s Q3 2024 earnings at $0.15 EPS, Q4 2024 earnings at $0.24 EPS, FY2024 earnings at $0.66 EPS, Q1 2025 earnings at $0.29 EPS, Q2 2025 earnings at $0.32 EPS, Q3 2025 earnings at $0.33 EPS, FY2025 earnings at $1.30 EPS, Q1 2026 earnings at $0.36 EPS, Q2 2026 earnings at $0.39 EPS and FY2026 earnings at $1.55 EPS.

A number of other equities research analysts have also recently issued reports on the stock. Stephens reiterated an equal weight rating and set a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Barclays dropped their price objective on shares of Banc of California from $15.00 to $14.00 and set an equal weight rating for the company in a report on Wednesday, July 24th. Wells Fargo & Company reduced their target price on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a report on Tuesday, July 9th. Keefe, Bruyette & Woods dropped their price target on Banc of California from $18.00 to $17.00 and set an outperform rating for the company in a report on Tuesday, July 9th. Finally, Truist Financial boosted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a hold rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $16.28.

Banc of California Stock Up 0.5 %

Shares of BANC stock opened at $14.82 on Tuesday. Banc of California has a one year low of $9.96 and a one year high of $15.54. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The stock has a fifty day moving average price of $13.98 and a 200 day moving average price of $13.91. The stock has a market cap of $2.33 billion, a P/E ratio of -4.45 and a beta of 1.13.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). The business had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter last year, the firm posted $0.32 earnings per share. Analysts predict that Banc of California will post 0.59 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.70%. The ex-dividend date is Monday, September 16th. Banc of California’s dividend payout ratio is -12.01%.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently made changes to their positions in the business. Mutual of America Capital Management LLC boosted its position in shares of Banc of California by 4.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock worth $363,000 after purchasing an additional 984 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Banc of California by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,200 shares during the period. Fifth Third Bancorp raised its position in shares of Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares during the period. Riverview Trust Co bought a new position in Banc of California during the 1st quarter worth approximately $29,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Banc of California by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after purchasing an additional 1,939 shares during the period. 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.