Banc of California (NYSE:BANC) Stock Rating Upgraded by Wells Fargo & Company

Banc of California (NYSE:BANC) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a note issued to investors on Monday,Finviz reports. The brokerage currently has a $20.00 target price on the bank’s stock, up from their previous target price of $17.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 28.95% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. Truist Financial boosted their target price 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. Wedbush upped their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Raymond James boosted their target price 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. Finally, Citigroup started coverage on Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.10.

Banc of California Price Performance

BANC stock opened at $15.51 on Monday. The company’s fifty day simple moving average is $16.23 and its 200 day simple moving average is $14.74. Banc of California has a 12-month low of $11.88 and a 12-month high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of -3.63 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate 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 business had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter last year, the firm posted $0.30 earnings per share. On average, analysts expect that Banc of California will post 0.7 earnings per share for the current year.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently modified their holdings of the business. Basswood Capital Management L.L.C. boosted its position in Banc of California by 589.8% in the third quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock worth $25,526,000 after purchasing an additional 1,481,692 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Banc of California during the 3rd quarter worth $21,207,000. Verition Fund Management LLC boosted its holdings in shares of Banc of California by 93.2% in the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock worth $36,477,000 after buying an additional 1,194,839 shares during the last quarter. Azora Capital LP bought a new position in Banc of California during the third quarter valued at about $12,494,000. Finally, American Century Companies Inc. grew its position in shares of Banc of California by 25.9% during the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after acquiring an additional 663,061 shares during the period. 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.