Banc of California (NYSE:BANC) Given New $23.00 Price Target at Barclays

Banc of California (NYSE:BANC) had its target price reduced by research analysts at Barclays from $25.00 to $23.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s target price points to a potential upside of 27.60% from the company’s current price.

BANC has been the subject of a number of other reports. JPMorgan Chase & Co. lowered their price target on shares of Banc of California from $25.00 to $20.50 and set an “overweight” rating for the company in a report on Wednesday, April 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a report on Wednesday, January 21st. Keefe, Bruyette & Woods lifted their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Wells Fargo & Company lifted their price target on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Monday, March 30th. Finally, Piper Sandler lowered their price target on shares of Banc of California from $25.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.27.

Banc of California Price Performance

NYSE:BANC traded up $0.10 during mid-day trading on Tuesday, hitting $18.03. 768,504 shares of the company’s stock traded hands, compared to its average volume of 2,929,146. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The firm’s 50 day simple moving average is $18.60 and its 200 day simple moving average is $18.40. Banc of California has a 1 year low of $11.52 and a 1 year high of $21.61. The company has a market cap of $2.70 billion, a PE ratio of 15.27 and a beta of 0.74.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, beating 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 firm had revenue of $292.93 million during the quarter, compared to the consensus estimate of $288.41 million. During the same period last year, the firm posted $0.28 EPS. Sell-side analysts expect that Banc of California will post 1.31 EPS for the current year.

Institutional Investors Weigh In On Banc of California

A number of institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC purchased a new stake in Banc of California in the fourth quarter valued at approximately $1,643,000. Invesco Ltd. grew its holdings in Banc of California by 3.1% in the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock valued at $115,938,000 after purchasing an additional 181,029 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in Banc of California by 44.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 24,463 shares of the bank’s stock valued at $472,000 after purchasing an additional 7,551 shares during the period. XTX Topco Ltd grew its holdings in Banc of California by 93.4% in the fourth quarter. XTX Topco Ltd now owns 38,993 shares of the bank’s stock valued at $752,000 after purchasing an additional 18,833 shares during the period. Finally, VARCOV Co. purchased a new stake in Banc of California in the fourth quarter valued at approximately $204,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

About Banc of California

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.