Banc of California (NYSE:BANC) Price Target Raised to $17.00

Banc of California (NYSE:BANC) had its price objective raised by analysts at Wells Fargo & Company from $16.00 to $17.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 10.03% from the company’s current price.

BANC has been the topic of a number of other research reports. Raymond James upped their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday. Stephens reiterated an “equal weight” rating and issued a $14.00 price objective on shares of Banc of California in a research report on Wednesday, September 4th. Keefe, Bruyette & Woods reduced their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Truist Financial raised their price target on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, Wedbush upgraded Banc of California from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $14.00 to $18.00 in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.20.

Banc of California Trading Up 1.0 %

NYSE:BANC opened at $15.45 on Wednesday. The company has a market cap of $2.43 billion, a P/E ratio of -4.64 and a beta of 1.14. Banc of California has a 1 year low of $10.03 and a 1 year high of $15.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The stock’s fifty day moving average price is $14.44 and its two-hundred day moving average price is $13.91.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same quarter in the previous year, the firm earned $0.30 EPS. As a group, analysts expect that Banc of California will post 0.61 EPS for the current year.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 7.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Banc of California by 143.4% during the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after buying an additional 5,311,842 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of Banc of California in the first quarter valued at about $32,618,000. Hodges Capital Management Inc. raised its stake in shares of Banc of California by 288.4% during the first quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock valued at $26,587,000 after acquiring an additional 1,298,004 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Banc of California by 42.1% during the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after purchasing an additional 762,959 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Banc of California by 25.9% in the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after purchasing an additional 663,061 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

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.