Banc of California (NYSE:BANC) Given “Equal Weight” Rating at Stephens

Banc of California (NYSE:BANC)‘s stock had its “equal weight” rating restated by investment analysts at Stephens in a report released on Wednesday, Benzinga reports. They currently have a $14.00 price target on the bank’s stock. Stephens’ price target indicates a potential downside of 0.92% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. Truist Financial lifted their price objective on shares of Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Barclays dropped their price target on Banc of California from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 24th. Wedbush reiterated a “neutral” rating and set a $14.00 price objective on shares of Banc of California in a research report on Wednesday, July 24th. Wells Fargo & Company decreased their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 9th. Finally, DA Davidson reduced their target price on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Banc of California presently has an average rating of “Hold” and an average target price of $15.69.

Banc of California Stock Performance

Shares of NYSE BANC opened at $14.13 on Wednesday. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The firm has a market cap of $2.22 billion, a P/E ratio of -4.24 and a beta of 1.14. The stock has a fifty day moving average price of $13.63 and a two-hundred day moving average price of $13.93. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). The firm had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter last year, the company earned $0.32 EPS. Research analysts forecast that Banc of California will post 0.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BANC. Fifth Third Bancorp grew its stake in Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares in the last quarter. Riverview Trust Co purchased a new position in Banc of California during the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California in the 1st quarter valued at approximately $30,000. Lee Financial Co purchased a new stake in Banc of California in the 4th quarter worth approximately $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in Banc of California in the 4th quarter worth approximately $41,000. 86.88% of the stock is owned by institutional investors and hedge funds.

About Banc of California

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.