Banc of California (NYSE:BANC) Hits New 52-Week Low at $16.70

Shares of Banc of California, Inc. (NYSE:BANCGet Rating) reached a new 52-week low on Thursday . The company traded as low as $16.70 and last traded at $16.78, with a volume of 460 shares traded. The stock had previously closed at $16.88.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Piper Sandler cut their price target on Banc of California to $22.00 in a research note on Monday, July 4th. StockNews.com lowered Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, May 20th.

Banc of California Stock Performance

The company has a debt-to-equity ratio of 0.83, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 10.43 and a beta of 1.35. The firm has a fifty day simple moving average of $17.65 and a two-hundred day simple moving average of $18.37.

Banc of California (NYSE:BANCGet Rating) last announced its quarterly earnings results on Thursday, July 21st. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01. The company had revenue of $85.49 million during the quarter, compared to analysts’ expectations of $85.95 million. Banc of California had a return on equity of 12.37% and a net margin of 29.80%. During the same period last year, the business earned $0.32 earnings per share. On average, analysts expect that Banc of California, Inc. will post 2.08 EPS for the current year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Wednesday, September 14th. Banc of California’s dividend payout ratio is presently 14.91%.

Hedge Funds Weigh In On Banc of California

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd acquired a new position in Banc of California during the fourth quarter worth $33,000. Teacher Retirement System of Texas lifted its stake in shares of Banc of California by 8.8% in the 1st quarter. Teacher Retirement System of Texas now owns 11,537 shares of the bank’s stock valued at $223,000 after purchasing an additional 933 shares during the last quarter. Smith Graham & Co. Investment Advisors LP raised its holdings in shares of Banc of California by 8.2% in the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 462,379 shares of the bank’s stock valued at $8,952,000 after buying an additional 34,960 shares during the period. BNP Paribas Arbitrage SA raised its holdings in shares of Banc of California by 3.4% in the 4th quarter. BNP Paribas Arbitrage SA now owns 50,784 shares of the bank’s stock valued at $996,000 after buying an additional 1,687 shares during the period. Finally, BHZ Capital Management LP raised its holdings in shares of Banc of California by 26.1% in the 1st quarter. BHZ Capital Management LP now owns 494,991 shares of the bank’s stock valued at $9,583,000 after buying an additional 102,589 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Banc of California Company Profile

(Get Rating)

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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