Wells Fargo & Company Increases Banc of California (NYSE:BANC) Price Target to $22.00

Banc of California (NYSE:BANC) had its price objective raised by stock analysts at Wells Fargo & Company from $20.00 to $22.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 28.55% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. Barclays upped their price target on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. JPMorgan Chase & Co. increased their price objective on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Finally, Piper Sandler raised their price objective on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.05.

Banc of California Stock Up 1.3%

BANC traded up $0.22 during midday trading on Monday, hitting $17.11. 363,872 shares of the company’s stock traded hands, compared to its average volume of 2,848,969. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $2.57 billion, a PE ratio of 14.44 and a beta of 0.73. The stock’s fifty day simple moving average is $18.95 and its 200-day simple moving average is $18.36. Banc of California has a one year low of $11.52 and a one year high of $21.61.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The company had revenue of $292.93 million during the quarter, compared to the consensus estimate of $288.41 million. During the same period in the previous year, the firm posted $0.28 earnings per share. As a group, equities analysts anticipate that Banc of California will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Banc of California

A number of institutional investors have recently made changes to their positions in the business. Triumph Capital Management bought a new stake in Banc of California during the 3rd quarter valued at approximately $25,000. Navalign LLC bought a new stake in shares of Banc of California in the fourth quarter valued at approximately $27,000. Orion Capital Management LLC acquired a new stake in shares of Banc of California in the fourth quarter worth $35,000. Advisory Services Network LLC bought a new position in Banc of California during the third quarter worth $36,000. Finally, EverSource Wealth Advisors LLC raised its stake in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.