Banc of California, Inc. (NYSE:BANC) Given Average Rating of “Hold” by Analysts

Shares of Banc of California, Inc. (NYSE:BANC) have received a consensus rating of “Hold” from the five research firms that are covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $16.71.

BANC has been the subject of a number of recent analyst reports. Wedbush increased their target price on shares of Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, January 26th. StockNews.com started coverage on shares of Banc of California in a research report on Monday, January 29th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Truist Financial raised their price objective on shares of Banc of California from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Tuesday, January 30th. Finally, Barclays assumed coverage on shares of Banc of California in a research note on Friday, March 8th. They set an “equal weight” rating and a $16.00 price objective for the company.

Insider Transactions at Banc of California

In other news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were 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 of the company’s stock, valued at $373,935.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Banc of California

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BANC. Warburg Pincus LLC bought a new position in Banc of California during the fourth quarter valued at approximately $209,411,000. Vanguard Group Inc. raised its position in Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after acquiring an additional 5,311,842 shares in the last quarter. Bayview Asset Management LLC bought a new position in Banc of California during the fourth quarter valued at approximately $27,297,000. Goldman Sachs Group Inc. grew its holdings in Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in Banc of California by 345.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after purchasing an additional 1,777,330 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of BANC stock opened at $15.18 on Thursday. The company has a market capitalization of $2.39 billion, a PE ratio of -4.80 and a beta of 1.14. The firm has a fifty day simple moving average of $14.14 and a 200-day simple moving average of $13.03. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08.

Banc of California (NYSE:BANC) last issued its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). The business had revenue of $193.06 million for the quarter, compared to analyst estimates of $163.11 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same period last year, the company posted $0.45 earnings per share. Equities research analysts anticipate that Banc of California will post 1.66 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date is Thursday, March 14th. Banc of California’s dividend payout ratio (DPR) is -12.66%.

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.