Banc of California (NYSE:BANC) Price Target Cut to $15.00

Banc of California (NYSE:BANC) had its price target cut by stock analysts at Wedbush from $16.00 to $15.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Wedbush’s target price points to a potential upside of 7.60% from the stock’s previous close.

Several other analysts have also issued reports on BANC. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. Wells Fargo & Company raised their price objective on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Barclays initiated coverage on Banc of California in a research note on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price objective on the stock. StockNews.com initiated coverage on Banc of California in a research note on Monday, January 29th. They issued a “hold” rating on the stock. Finally, Truist Financial reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Banc of California in a research note on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Banc of California presently has a consensus rating of “Hold” and an average target price of $16.93.

Banc of California Stock Performance

BANC opened at $13.94 on Wednesday. The firm has a market cap of $2.19 billion, a P/E ratio of -4.41 and a beta of 1.15. Banc of California has a 52-week low of $9.72 and a 52-week high of $16.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. The business’s fifty day moving average is $14.49 and its 200-day moving average is $13.32.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($4.27). The company had revenue of $193.06 million for the quarter, compared to analyst estimates of $163.11 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same period last year, the company posted $0.45 earnings per share. Sell-side analysts expect that Banc of California will post 1.5 EPS for the current fiscal year.

Insider Transactions at Banc of California

In related news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the transaction, the director now directly owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently made changes to their positions in BANC. Crescent Grove Advisors LLC bought a new stake in Banc of California in the fourth quarter worth approximately $1,303,000. New York State Teachers Retirement System increased its holdings in shares of Banc of California by 510.7% during the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock valued at $1,072,000 after acquiring an additional 66,739 shares in the last quarter. Peregrine Capital Management LLC increased its holdings in shares of Banc of California by 22.2% during the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after acquiring an additional 114,173 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Banc of California during the fourth quarter valued at approximately $1,488,000. Finally, JCSD Capital LLC increased its holdings in shares of Banc of California by 76.0% during the fourth quarter. JCSD Capital LLC now owns 243,117 shares of the bank’s stock valued at $3,265,000 after acquiring an additional 105,000 shares in the last quarter. 86.88% of the stock is currently 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.