Banc of California (NYSE:BANC) Rating Reiterated by Stephens

Banc of California (NYSE:BANC)‘s stock had its “equal weight” rating reissued by investment analysts at Stephens in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $16.00 price objective on the bank’s stock. Stephens’ target price points to a potential upside of 14.70% from the stock’s current price.

BANC has been the subject of a number of other research reports. StockNews.com assumed coverage on Banc of California in a research report on Monday, January 29th. They issued a “hold” rating for the company. Wedbush reduced their price objective on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday. Barclays reduced their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday. Wells Fargo & Company boosted their price objective on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $16.64.

Banc of California Price Performance

NYSE:BANC traded down $0.14 during trading hours on Thursday, reaching $13.95. The stock had a trading volume of 1,903,660 shares, compared to its average volume of 2,466,962. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $2.19 billion, a PE ratio of -4.18 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 50 day moving average price of $14.49 and a two-hundred day moving average price of $13.32.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company had revenue of $522.57 million during the quarter, compared to analysts’ expectations of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same period last year, the firm earned $0.37 earnings per share. As a group, sell-side analysts anticipate that Banc of California will post 1.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Robert G. Dyck sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now owns 24,979 shares in the company, valued at $373,935.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 7.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc grew its stake in shares of Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Banc of California in the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC bought a new position in shares of Banc of California during the 1st quarter worth $30,000. Lee Financial Co bought a new stake in shares of Banc of California in the 4th quarter valued at about $40,000. Finally, Longfellow Investment Management Co. LLC bought a new position in Banc of California in the fourth quarter worth approximately $41,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.