Banc of California (NYSE:BANC) PT Lowered to $14.00 at Barclays

Banc of California (NYSE:BANC) had its price target trimmed by Barclays from $15.00 to $14.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other equities analysts also recently issued reports on BANC. Keefe, Bruyette & Woods reduced their price objective on Banc of California from $18.00 to $17.00 and set an outperform rating for the company in a research report on Tuesday, July 9th. DA Davidson decreased their price target on Banc of California from $20.00 to $17.50 and set a buy rating for the company in a research note on Wednesday, May 15th. Piper Sandler cut their price objective on shares of Banc of California from $20.00 to $19.00 and set an overweight rating on the stock in a research note on Monday, May 13th. StockNews.com upgraded shares of Banc of California to a sell rating in a research report on Thursday, April 25th. Finally, Stephens dropped their price target on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $15.69.

Banc of California Trading Up 6.8 %

NYSE:BANC opened at $14.40 on Wednesday. The firm has a market capitalization of $2.26 billion, a P/E ratio of -4.32 and a beta of 1.14. The business has a 50 day simple moving average of $13.35 and a 200 day simple moving average of $13.86. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.54.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The firm had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same period last year, the firm posted $0.32 EPS. Equities research analysts predict that Banc of California will post 0.87 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were given a $0.10 dividend. The ex-dividend date 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 -12.01%.

Institutional Investors Weigh In On Banc of California

A number of institutional investors and hedge funds have recently modified their holdings of BANC. American Century Companies Inc. raised its position in shares of Banc of California by 15.1% during the third quarter. American Century Companies Inc. now owns 525,219 shares of the bank’s stock worth $6,502,000 after purchasing an additional 68,758 shares during the period. SG Americas Securities LLC lifted its stake in Banc of California by 85.2% during the fourth quarter. SG Americas Securities LLC now owns 37,660 shares of the bank’s stock valued at $506,000 after buying an additional 17,327 shares in the last quarter. Raymond James & Associates acquired a new position in shares of Banc of California in the fourth quarter worth about $209,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Banc of California in the fourth quarter worth approximately $1,488,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Banc of California during the fourth quarter valued at approximately $1,506,000. 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.