Banc of California (NYSE:BANC) Given New $15.00 Price Target at Truist Financial

Banc of California (NYSE:BANC) had its price target raised by Truist Financial from $13.00 to $15.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

Several other analysts also recently issued reports on the company. Wedbush cut their price objective on Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a report on Wednesday, April 24th. Stephens cut their price objective on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a report on Tuesday, May 14th. StockNews.com upgraded Banc of California to a sell rating in a report on Thursday, April 25th. Keefe, Bruyette & Woods cut their price objective on Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a report on Tuesday, July 9th. Finally, Barclays cut their price objective on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Banc of California currently has an average rating of Hold and a consensus price target of $15.69.

Banc of California Price Performance

Shares of NYSE BANC opened at $14.40 on Wednesday. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -4.32 and a beta of 1.14. The firm has a 50-day moving average of $13.35 and a two-hundred day moving average of $13.86.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The business had revenue of $492.38 million during 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 period in the previous year, the company posted $0.32 earnings per share. As a group, analysts expect that Banc of California will post 0.87 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.40 annualized dividend and a yield of 2.78%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Hedge Funds Weigh In On Banc of California

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new stake in shares of Banc of California in the first quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Banc of California in the first quarter worth $30,000. Fifth Third Bancorp grew its stake in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the last quarter. Lee Financial Co acquired a new stake in shares of Banc of California in the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in shares of Banc of California in the fourth quarter worth $41,000. Institutional investors and hedge funds 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.