Wedbush Trims Banc of California (NYSE:BANC) Target Price to $15.00

Banc of California (NYSE:BANC) had its target price lowered by Wedbush from $16.00 to $15.00 in a report released on Wednesday morning, Benzinga reports. Wedbush currently has a neutral rating on the bank’s stock.

A number of other brokerages also recently issued reports on BANC. StockNews.com assumed coverage on Banc of California in a research report on Monday, January 29th. They set a hold rating on the stock. Truist Financial reiterated a hold rating and issued a $16.00 price target on shares of Banc of California in a research note on Monday, April 1st. Wells Fargo & Company boosted their price target on Banc of California from $14.00 to $16.00 and gave the stock an equal weight rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods raised shares of Banc of California from a market perform rating to an outperform rating and increased their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Finally, Barclays began coverage on shares of Banc of California in a research report on Friday, March 8th. They set an equal weight rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Banc of California has a consensus rating of Hold and an average price target of $16.64.

Banc of California Stock Up 1.6 %

Banc of California stock opened at $14.32 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.25 billion, a P/E ratio of -4.30 and a beta of 1.15. The business has a fifty day moving average of $14.49 and a two-hundred day moving average of $13.35. 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 released its quarterly 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 for the quarter, compared to analysts’ expectations of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same period in the previous year, the company posted $0.37 earnings per share. On average, analysts forecast that Banc of California will post 1.37 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

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

Insider Activity

In related news, Director James Andrew Barker purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was bought at an average price of $13.16 per share, with a total value of $131,600.00. Following the acquisition, the director now owns 159,680 shares in the company, valued at $2,101,388.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Andrew Barker purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the transaction, the director now directly owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The disclosure for this purchase can be found here. Insiders acquired 27,130 shares of company stock worth $445,277 over the last three months. 7.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Banc of California

Large investors have recently modified their holdings of the business. Versant Capital Management Inc increased its holdings 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 purchasing an additional 1,825 shares during the last quarter. Riverview Trust Co purchased a new stake in Banc of California in the 1st quarter valued at $29,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Banc of California in the 1st quarter worth $30,000. Lee Financial Co purchased a new position in shares of Banc of California during the 4th quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in shares of Banc of California during the 4th quarter valued at about $41,000. Hedge funds and other 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.