Banc of California Inc. (NYSE:BANC) shares traded -8.16% lower at $15.41 on Wall Street last session.
In accordance with the data, 7 analysts cover Banc of California Inc. (NYSE:BANC). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $23.00 and a low of $19.00, we find $20.00. Given the previous closing price of $16.78, this indicates a potential upside of 19.19 percent. BANC stock price is now -9.93% away from the 50-day moving average and -10.06% away from the 200-day moving average. The market capitalization of the company currently stands at $897.17M.
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It has been rated a hold by 2 analysts and a buy by 5. Brokers who have rated the stock have averaged $20.33 as their price target over the next twelve months.
On July 23, 2021, Raymond James Upgraded its previous ‘Mkt Perform’ rating to ‘Outperform’ on the stock keeping its target price maintained at $20, while ‘Stephens’ rates the stock as ‘Equal-Weight’.
In other news, Barker James Andrew, Director bought 35,000 shares of the company’s stock on Jan 25. The stock was bought for $578,676 at an average price of $16.53. Upon completion of the transaction, the Director now directly owns 124,680 shares in the company, valued at $1.92 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jan 24, Director Barker James Andrew bought 13,435 shares of the business’s stock. A total of $222,154 was incurred on buying the stock at an average price of $16.54. This leaves the insider owning 89,680 shares of the company worth $1.38 million. Insiders disposed of 31,673 shares of company stock worth roughly $0.49 million over the past 1 year. A total of 0.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in BANC stock. A new stake in Banc of California Inc. shares was purchased by SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC during the first quarter worth $919,000. TWO SIGMA INVESTMENTS, LP invested $855,000 in shares of BANC during the first quarter. In the first quarter, ASSENAGON ASSET MANAGEMENT S.A. acquired a new stake in Banc of California Inc. valued at approximately $805,000. ENGINEERS GATE MANAGER LP acquired a new stake in BANC for approximately $770,000. QUBE RESEARCH & TECHNOLOGIES LTD purchased a new stake in BANC valued at around $599,000 in the second quarter. In total, there are 242 active investors with 96.18% ownership of the company’s stock.
Banc of California Inc. (NYSE: BANC) opened at $16.65 on Thursday. During the past 12 months, Banc of California Inc. has had a low of $14.86 and a high of $20.62. The fifty day moving average price for BANC is $17.11 and a two-hundred day moving average price translates $17.13 for the stock.
The latest earnings results from Banc of California Inc. (NYSE: BANC) was released for Dec, 2022. According to the Banks – Regional Company, earnings per share came in at $0.45, beating analysts’ expectations of $0.43 by 0.02. This compares to $0.04 EPS in the same period last year. The net profit margin was 31.10% and return on equity was 12.10% for BANC. The company reported revenue of $104.11 million for the quarter, compared to $81.57 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 27.63 percent. For the current quarter, analysts expect BANC to generate $80.4M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 04/03/2023. Investors who held shares on 03/15/2023 were paid a $0.10 dividend. On an annualized basis, this represents a $0.40 dividend and a 2.60% percent yield. There was an ex-dividend date of 03/14/2023 for this dividend. In terms of dividend payout ratio, BANC is presently at 12.70%.
Banc of California Inc.(BANC) Company Profile
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. It also provides various commercial and consumer loan products, such as commercial and industrial loans; commercial real estate and multifamily loans; construction loans; single family residential mortgage loans; warehouse and indirect/direct leveraged lending; home equity lines of credit; small business administration loans; and other consumer loans. In addition, the company offers automated bill payment, cash and treasury management, foreign exchange, card payment, remote and mobile deposit capture, automated clearing house origination, wire transfer, direct deposit, and internet banking services; and master demand accounts, interest rate swaps, and safe deposit boxes. Further, it invests in collateralized loan obligations, agency securities, municipal bonds, agency residential mortgage-backed securities, and corporate debt securities. As of December 31, 2020, the company operated 29 full-service branches in Southern California. The company was formerly known as First PacTrust Bancorp, Inc. and changed its name to Banc of California, Inc. in July 2013. Banc of California, Inc. was founded in 1941 and is headquartered in Santa Ana, California.
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