Banc of California (NYSE:BANC) Sets New 52-Week Low – Should You Sell?

Banc of California, Inc. (NYSE:BANC)’s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $11.70 and last traded at $11.86, with a volume of 221314 shares changing hands. The stock had previously closed at $12.37.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of recent research reports. StockNews.com upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $17.00 to $20.00 in a research note on Monday, January 6th. Barclays dropped their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, January 24th. JPMorgan Chase & Co. assumed coverage on shares of Banc of California in a research note on Friday, February 7th. They issued a “neutral” rating and a $18.00 target price for the company. Finally, Stephens dropped their price target on Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, January 27th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Banc of California presently has a consensus rating of “Moderate Buy” and an average price target of $18.18.

Banc of California Stock Down 0.0 %

The business’s fifty day moving average is $14.84 and its two-hundred day moving average is $15.40. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 22.23 and a beta of 0.85. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Equities analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend was Friday, March 14th. Banc of California’s dividend payout ratio is presently 71.43%.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently modified their holdings of BANC. Picton Mahoney Asset Management acquired a new position in shares of Banc of California during the fourth quarter worth $30,000. SBI Securities Co. Ltd. purchased a new stake in Banc of California in the 4th quarter valued at approximately $36,000. Jones Financial Companies Lllp raised its stake in shares of Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock worth $55,000 after buying an additional 928 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock valued at $68,000 after buying an additional 2,926 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in Banc of California during the fourth quarter worth $97,000. 86.88% of the stock is 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.