Barclays Forecasts Strong Price Appreciation for Banc of California (NYSE:BANC) Stock

Banc of California (NYSE:BANC) had its price objective lifted by equities research analysts at Barclays from $18.00 to $20.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s target price would indicate a potential upside of 17.23% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Truist Financial upped their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods increased their target price on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday. Raymond James boosted their price target on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. DA Davidson increased their price objective on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Stephens boosted their target price on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Banc of California has a consensus rating of “Hold” and an average target price of $17.80.

Banc of California Stock Performance

NYSE BANC opened at $17.06 on Thursday. The company has a fifty day moving average of $15.71 and a two-hundred day moving average of $14.36. The company has a market capitalization of $2.71 billion, a PE ratio of -4.00 and a beta of 1.14. Banc of California has a 1 year low of $11.88 and a 1 year high of $18.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same quarter last year, the business posted $0.30 EPS. As a group, analysts expect that Banc of California will post 0.7 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Seven Eight Capital LP acquired a new stake in Banc of California in the second quarter valued at $549,000. Hodges Capital Management Inc. increased its holdings in shares of Banc of California by 13.6% in the 2nd quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock valued at $25,384,000 after purchasing an additional 238,242 shares in the last quarter. Hollencrest Capital Management increased its holdings in shares of Banc of California by 71.4% in the 2nd quarter. Hollencrest Capital Management now owns 107,842 shares of the bank’s stock valued at $1,378,000 after purchasing an additional 44,920 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Banc of California by 461.6% in the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after purchasing an additional 535,654 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Banc of California by 380.1% during the second quarter. SG Americas Securities LLC now owns 48,650 shares of the bank’s stock worth $622,000 after buying an additional 38,516 shares in the last quarter. Institutional investors and hedge funds 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.