Banc of California (NYSE:BANC) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Banc of California (NYSE:BANC) in a report released on Monday morning. The brokerage issued an overweight rating and a $23.00 price target on the bank’s stock.

Several other analysts have also recently commented on the company. JPMorgan Chase & Co. increased their target price on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Weiss Ratings raised Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 7th. Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Citigroup decreased their price objective on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Finally, Piper Sandler raised their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $22.62.

Banc of California Stock Up 0.5%

Shares of BANC opened at $19.58 on Monday. The company has a market capitalization of $3.02 billion, a P/E ratio of -46.62 and a beta of 0.74. Banc of California has a one year low of $15.17 and a one year high of $21.93. The business’s 50 day simple moving average is $20.16 and its 200-day simple moving average is $19.20. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The business had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. During the same period in the prior year, the business earned $0.31 earnings per share. The company’s revenue for the quarter was down 94.0% on a year-over-year basis. As a group, sell-side analysts predict that Banc of California will post 1.68 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 annualized dividend and a yield of 2.5%. Banc of California’s dividend payout ratio (DPR) is currently -114.29%.

Insider Buying and Selling

In related news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider directly owned 32,842 shares in the company, valued at $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.78% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Triumph Capital Management bought a new stake in shares of Banc of California during the third quarter worth approximately $25,000. Navalign LLC acquired a new position in Banc of California in the fourth quarter valued at approximately $27,000. Western Wealth Management LLC bought a new position in Banc of California in the first quarter valued at approximately $29,000. Orion Capital Management LLC bought a new position in Banc of California in the fourth quarter valued at approximately $35,000. Finally, Advisory Services Network LLC acquired a new stake in Banc of California during the 3rd quarter worth $36,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.