Banc of California, Inc. (NYSE:BANC - Get Free Report) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $17.97 and traded as high as $18.33. Banc of California shares last traded at $17.9850, with a volume of 1,427,686 shares changing hands.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. UBS Group initiated coverage on shares of Banc of California in a research note on Monday, September 14th. They issued a "neutral" rating and a $20.00 price objective on the stock. Barclays upped their price objective on Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, October 5th. Piper Sandler reduced their price target on Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, October 1st. Wells Fargo & Company lowered their price target on shares of Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 30th. Finally, Weiss Ratings downgraded Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Banc of California currently has an average rating of "Moderate Buy" and a consensus price target of $22.50.
Check Out Our Latest Stock Report on Banc of California
Banc of California Price Performance
The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of -52.90 and a beta of 0.74. The company has a 50 day moving average of $17.97 and a 200 day moving average of $18.90. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.20.
Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The bank reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.01. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. The firm had revenue of $303.07 million for the quarter, compared to analyst estimates of $306.27 million. During the same period in the previous year, the business earned $0.38 earnings per share. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities research analysts forecast that Banc of California, Inc. will post 1.70 EPS for the current fiscal year.
Banc of California Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, December 15th. Banc of California's dividend payout ratio is -141.18%.
Insider Buying and Selling at Banc of California
In other news, General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total transaction of $192,900.30. Following the transaction, the general counsel owned 45,702 shares in the company, valued at $836,346.60. This represents a 18.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jared Wolff acquired 5,487 shares of the firm's stock in a transaction dated Friday, October 30th. The stock was bought at an average price of $18.18 per share, with a total value of $99,753.66. Following the acquisition, the chief executive officer directly owned 333,456 shares in the company, valued at $6,062,230.08. This represents a 1.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.78% of the company's stock.
Institutional Investors Weigh In On Banc of California
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Banc of California in the second quarter valued at approximately $462,252,000. Hsbc Holdings PLC increased its holdings in shares of Banc of California by 118.4% during the second quarter. Hsbc Holdings PLC now owns 224,746 shares of the bank's stock valued at $4,599,000 after acquiring an additional 121,826 shares in the last quarter. Bank of America Corp DE increased its position in shares of Banc of California by 219.1% during the first quarter. Bank of America Corp DE now owns 1,227,555 shares of the bank's stock valued at $21,580,000 after acquiring an additional 842,879 shares during the last quarter. Walleye Capital LLC acquired a new position in Banc of California during the first quarter worth about $6,761,000. Finally, Jupiter Topco LLC acquired a new position in Banc of California during the 2nd quarter valued at about $1,256,000. Institutional investors own 86.88% of the company's stock.
Banc of California Company Profile
(
Get Free Report)
Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.
The company primarily serves customers throughout California, with operations and relationships extending into select western markets.
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