Banc of California (BANC) – Investment Analysts’ Recent Ratings Updates

Banc of California (NYSE: BANC) has recently received a number of price target changes and ratings updates:

• 4/25/2024 – Banc of California was upgraded by analysts at StockNews.com to a “sell” rating.
• 4/25/2024 – Banc of California had its price target lowered by analysts at Truist Financial Co. from $16.00 to $15.00. They now have a “hold” rating on the stock.
• 4/25/2024 – Banc of California had its “equal weight” rating reaffirmed by analysts at Stephens. They now have a $16.00 price target on the stock.
• 4/24/2024 – Banc of California had its price target lowered by analysts at Wedbush from $16.00 to $15.00. They now have a “neutral” rating on the stock.
• 4/24/2024 – Banc of California had its price target lowered by analysts at Barclays PLC from $16.00 to $15.00. They now have an “equal weight” rating on the stock.
• 4/10/2024 – Banc of California had its price target raised by analysts at Wells Fargo & Company from $14.00 to $16.00. They now have an “equal weight” rating on the stock.
• 4/1/2024 – Banc of California had its “hold” rating reaffirmed by analysts at Truist Financial Co.. They now have a $16.00 price target on the stock.
• 3/22/2024 – Banc of California was upgraded by analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating. They now have a $18.00 price target on the stock, up previously from $16.00.
• 3/8/2024 – Banc of California is now covered by analysts at Barclays PLC. They set an “equal weight” rating and a $16.00 price target on the stock.

Banc of California Stock Performance

BANC traded down $0.14 during trading on Tuesday, reaching $13.93. 1,185,246 shares of the company’s stock were exchanged, compared to its average volume of 2,458,050. The company has a market capitalization of $2.19 billion, a P/E ratio of -4.18 and a beta of 1.15. 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 business has a 50 day moving average price of $14.48 and a 200 day moving average price of $13.36. Banc of California, Inc. has a fifty-two week low of $9.72 and a fifty-two week 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 analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The firm had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. During the same quarter last year, the firm earned $0.37 earnings per share. As a group, analysts predict that Banc of California, Inc. will post 1.32 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.87%. Banc of California’s payout ratio is -12.01%.

Insider Activity

In other Banc of California news, Director Richard J. Lashley acquired 10,000 shares of Banc of California stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of $21.40 per share, with a total value of $214,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $214,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was acquired at an average cost of $13.98 per share, with a total value of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard J. Lashley bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average cost of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $214,000. The disclosure for this purchase can be found here. Insiders have purchased 27,130 shares of company stock valued at $445,277 over the last three months. 2.80% of the stock is owned by insiders.

Institutional Trading of Banc of California

A number of institutional investors have recently modified their holdings of BANC. South Dakota Investment Council grew its holdings in Banc of California by 238.8% during the 4th quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock worth $7,669,000 after acquiring an additional 402,498 shares during the period. Crescent Grove Advisors LLC bought a new position in Banc of California during the fourth quarter valued at about $1,303,000. New York State Teachers Retirement System increased its stake in shares of Banc of California by 510.7% during the 4th quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock worth $1,072,000 after purchasing an additional 66,739 shares during the last quarter. Peregrine Capital Management LLC raised its stake in shares of Banc of California by 22.2% in the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after buying an additional 114,173 shares during the period. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in Banc of California during the fourth quarter valued at about $1,488,000. 86.88% of the stock is currently owned by institutional investors.

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.