Banc of California’s (BANC) Equal Weight Rating Reaffirmed at Stephens

Stephens restated their equal weight rating on shares of Banc of California (NYSE:BANC) in a research note released on Thursday morning, Benzinga reports. They currently have a $16.00 target price on the bank’s stock.

BANC has been the subject of a number of other research reports. Keefe, Bruyette & Woods raised Banc of California from a market perform rating to an outperform rating and boosted their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. StockNews.com started coverage on Banc of California in a research note on Monday, January 29th. They issued a hold rating for the company. Wedbush lowered their target price on Banc of California from $16.00 to $15.00 and set a neutral rating for the company in a research note on Wednesday, April 24th. Wells Fargo & Company upped their price target on Banc of California from $14.00 to $16.00 and gave the company an equal weight rating in a research report on Wednesday, April 10th. Finally, Barclays lowered their price target on Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Banc of California currently has an average rating of Hold and a consensus price target of $16.64.

Banc of California Trading Up 1.6 %

Shares of BANC stock opened at $14.32 on Thursday. Banc of California has a 12-month low of $9.72 and a 12-month high of $16.08. 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 $14.49 and a two-hundred day moving average price of $13.35. The firm has a market cap of $2.25 billion, a P/E ratio of -4.30 and a beta of 1.15.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share 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 company had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. During the same period last year, the firm posted $0.37 EPS. Equities analysts anticipate that Banc of California will post 1.32 EPS for the current fiscal year.

Banc of California Dividend Announcement

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

Insider Buying and Selling

In related news, insider Robert G. Dyck sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the sale, the insider now owns 24,979 shares in the company, valued at approximately $373,935.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction 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 sale, the insider now owns 24,979 shares in the company, valued at $373,935.63. The disclosure for this sale can be found here. Insiders have purchased 27,130 shares of company stock worth $445,277 in the last 90 days. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its stake in Banc of California by 2,466.2% during the 4th 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 bought a new position in shares of Banc of California during the 1st quarter valued at $29,000. Future Financial Wealth Managment LLC bought a new position in shares of Banc of California during the 1st quarter valued at $30,000. Lee Financial Co bought a new position in shares of Banc of California during the 4th quarter valued at $40,000. Finally, Longfellow Investment Management Co. LLC bought a new position in shares of Banc of California during the 4th quarter valued at $41,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.