The stock of Banc of California Inc (NYSE:BANC) last traded at $10.73, down -1.38% from the previous session.
Data from the available sources indicates that Banc of California Inc (NYSE:BANC) is covered by 7 analysts. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $20.00 and a low of $13.00, we find $15.75. Given the previous closing price of $10.88, this indicates a potential upside of 44.76 percent. BANC stock price is now -12.57% away from the 50-day moving average and -19.33% away from the 200-day moving average. The market capitalization of the company currently stands at $616.33M.
In total, 4 analysts have assigned it a hold rating, and 3 have given it a buy rating. Brokers who have rated the stock have averaged $16.33 as their price target over the next twelve months.
With the price target reduced from $21 to $13.50, Wells Fargo Downgraded its rating from Overweight to Equal Weight for Banc of California Inc (NYSE: BANC).
In other news, Rice Joseph J, Director bought 7,500 shares of the company’s stock on Jun 05. The stock was bought for $84,375 at an average price of $11.25. Upon completion of the transaction, the Director now directly owns 9,500 shares in the company, valued at $0.1 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 03, Director SZNEWAJS ROBERT D bought 3,200 shares of the business’s stock. A total of $35,083 was incurred on buying the stock at an average price of $10.96. This leaves the insider owning 81,008 shares of the company worth $0.87 million. Insiders disposed of 66,005 shares of company stock worth roughly $0.71 million over the past 1 year. A total of 6.64% 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 PEREGRINE CAPITAL MANAGEMENT LLC during the first quarter worth $5,524,000. SOUTH DAKOTA INVESTMENT COUNCIL invested $4,212,000 in shares of BANC during the first quarter. In the first quarter, STIEVEN CAPITAL ADVISORS, L.P. acquired a new stake in Banc of California Inc valued at approximately $4,036,000. WEISS MULTI-STRATEGY ADVISERS LLC acquired a new stake in BANC for approximately $2,998,000. TREXQUANT INVESTMENT LP purchased a new stake in BANC valued at around $1,129,000 in the second quarter. In total, there are 261 active investors with 86.27% ownership of the company’s stock.
With an opening price of $10.77 on Wednesday morning, Banc of California Inc (NYSE: BANC) set off the trading day. During the past 12 months, Banc of California Inc has had a low of $9.72 and a high of $18.26. The fifty day moving average price for BANC is $12.23 and a two-hundred day moving average price translates $13.27 for the stock.
The latest earnings results from Banc of California Inc (NYSE: BANC) was released for Jun, 2023. According to the Banks – Regional Company, earnings per share came in at $0.31, beating analysts’ expectations of $0.3 by 0.01. This compares to $0.43 EPS in the same period last year. The net profit margin was 22.21% and return on equity was 10.47% for BANC. The company reported revenue of $116.15 million for the quarter, compared to $88.42 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 31.37 percent. For the current quarter, analysts expect BANC to generate $71.63M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 10/02/2023. Investors who held shares on 09/15/2023 were paid a $0.10 dividend. On an annualized basis, this represents a $0.39 dividend and a 3.65% percent yield. There was an ex-dividend date of 09/14/2023 for this dividend. In terms of dividend payout ratio, BANC is presently at 12.68%.
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 and financial products and services in the United States. The company offers deposit products, including interest-bearing and noninterest-bearing demand, checking, savings, and money market deposits accounts; certificate of deposits; and retirement accounts and safe deposit boxes. 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 consumer loans comprising lines of credit and term loans, as well as and other consumer loans, including automobile loans. In addition, the company offers automated bill payment, cash and treasury management, foreign exchange, interest rate swaps, card payment, remote and mobile deposit capture, automated clearing house origination, wire transfer, direct deposit, and internet banking services; and master demand accounts. Further, it invests in agency securities, municipal bonds, agency residential mortgage-backed securities, and corporate debt securities. 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.
