Stephens Reiterates “Equal Weight” Rating for Banc of California (NYSE:BANC)

Banc of California (NYSE:BANC)‘s stock had its “equal weight” rating reaffirmed by Stephens in a research report issued on Thursday, Benzinga reports. They currently have a $16.00 price objective on the bank’s stock. Stephens’ price target would indicate a potential upside of 11.73% from the company’s previous close.

Other research analysts have also issued research reports about the company. Barclays cut their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Wells Fargo & Company boosted their target price on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Wedbush dropped their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Truist Financial dropped their target price on Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Banc of California presently has a consensus rating of “Hold” and an average price target of $16.64.

Banc of California Trading Up 1.6 %

BANC opened at $14.32 on Thursday. Banc of California has a 52 week low of $9.72 and a 52 week high of $16.08. The business’s 50 day moving average is $14.49 and its two-hundred day moving average is $13.34. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period last year, the firm earned $0.37 EPS. Analysts predict that Banc of California will post 1.37 earnings per share for the current fiscal year.

Insider Activity at Banc of California

In related news, insider Robert G. Dyck sold 10,000 shares of Banc of California 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 directly owns 24,979 shares in the company, valued at $373,935.63. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction on Thursday, April 25th. The shares were bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now owns 268,695 shares in the company, valued at $3,756,356.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert G. Dyck sold 10,000 shares of the business’s stock in a transaction 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 $373,935.63. The disclosure for this sale can be found here. Insiders have acquired a total of 27,130 shares of company stock worth $445,277 over the last three months. 7.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Banc of California

A number of institutional investors have recently bought and sold shares of BANC. Vanguard Group Inc. boosted its position in Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after purchasing an additional 5,311,842 shares in the last quarter. Bayview Asset Management LLC purchased a new stake in Banc of California during the fourth quarter worth $27,297,000. Goldman Sachs Group Inc. boosted its position in Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after purchasing an additional 1,791,992 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Banc of California by 345.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock worth $30,775,000 after purchasing an additional 1,777,330 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Banc of California by 49.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after purchasing an additional 1,615,478 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Company Profile

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.