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

Banc of California, Inc. (NYSE:BANC - Get Free Report)'s share price hit 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 traded. The stock had previously closed at $12.37.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BANC. Raymond James upped their price target on Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a research report on Friday, January 24th. Stephens dropped their target price on Banc of California from $18.00 to $17.00 and set an "equal weight" rating on the stock in a report on Monday, January 27th. Wells Fargo & Company decreased their price target on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a report on Wednesday. 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 price objective on the stock. Finally, Barclays decreased their target price on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $17.73.

Banc of California Price Performance

The company's 50-day simple moving average is $14.32 and its 200 day simple moving average is $15.26. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 21.94 and a beta of 0.85.

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

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Friday, March 14th. Banc of California's dividend payout ratio is 71.43%.

Institutional Trading of Banc of California

Several large investors have recently modified their holdings of BANC. GAMMA Investing LLC boosted its holdings in Banc of California by 1,287.1% during the first quarter. GAMMA Investing LLC now owns 48,799 shares of the bank's stock valued at $692,000 after acquiring an additional 45,281 shares during the period. Wellington Management Group LLP lifted its position in shares of Banc of California by 274.6% during the 4th quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock worth $83,377,000 after purchasing an additional 3,953,380 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Banc of California during the 4th quarter valued at approximately $210,000. Tiptree Advisors LLC acquired a new stake in Banc of California in the 4th quarter valued at approximately $3,664,000. Finally, Mackenzie Financial Corp bought a new position in Banc of California in the 4th quarter worth approximately $455,000. 86.88% of the stock is owned by 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.