Truist Financial Increases Banc of California (NYSE:BANC) Price Target to $16.00

Banc of California (NYSE:BANCGet Free Report) had its price target hoisted by investment analysts at Truist Financial from $13.00 to $16.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price objective suggests a potential upside of 16.32% from the stock’s current price.

Several other analysts have also weighed in on BANC. Wells Fargo & Company lowered shares of Banc of California from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $21.00 to $13.50 in a research report on Tuesday, October 3rd. Wedbush boosted their price target on shares of Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, January 26th. Finally, StockNews.com assumed coverage on shares of Banc of California in a research report on Monday. They issued a “hold” rating on the stock. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.50.

Check Out Our Latest Stock Report on BANC

Banc of California Price Performance

Shares of Banc of California stock opened at $13.76 on Tuesday. 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 firm’s 50-day simple moving average is $13.06 and its 200-day simple moving average is $12.69. Banc of California has a twelve month low of $9.72 and a twelve month high of $18.26. The firm has a market cap of $790.09 million, a P/E ratio of -4.35 and a beta of 1.16.

Banc of California (NYSE:BANCGet Free Report) last issued its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The business had revenue of $193.06 million for the quarter, compared to analyst estimates of $163.11 million. During the same quarter last year, the firm posted $0.45 earnings per share. As a group, research analysts expect that Banc of California will post 1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director James Andrew Barker bought 10,000 shares of the company’s stock in a transaction on Tuesday, December 12th. The stock was bought at an average cost of $12.32 per share, with a total value of $123,200.00. Following the completion of the purchase, the director now owns 149,680 shares in the company, valued at approximately $1,844,057.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 12th. The stock was acquired at an average cost of $12.32 per share, with a total value of $123,200.00. Following the completion of the purchase, the director now directly owns 149,680 shares in the company, valued at approximately $1,844,057.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard J. Lashley sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $12.67, for a total transaction of $2,534,000.00. Following the sale, the director now directly owns 2,463,143 shares of the company’s stock, valued at $31,208,021.81. The disclosure for this sale can be found here. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

A number of institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. increased its stake in Banc of California by 43.0% in the first quarter. JPMorgan Chase & Co. now owns 227,875 shares of the bank’s stock valued at $4,412,000 after purchasing an additional 68,518 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Banc of California by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 583,011 shares of the bank’s stock valued at $11,286,000 after purchasing an additional 8,380 shares in the last quarter. American Century Companies Inc. increased its stake in Banc of California by 51.3% in the first quarter. American Century Companies Inc. now owns 34,077 shares of the bank’s stock valued at $660,000 after purchasing an additional 11,557 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Banc of California in the first quarter valued at approximately $225,000. Finally, Citigroup Inc. boosted its holdings in shares of Banc of California by 12.3% in the first quarter. Citigroup Inc. now owns 47,942 shares of the bank’s stock valued at $928,000 after buying an additional 5,255 shares during the period. 88.55% of the stock is owned by institutional investors.

Banc of California Company Profile

(Get Free Report)

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services to small and medium-size businesses in California. It offers personal banking products and services, including checking account, debit Mastercard, certificates of deposit, and savings and money market accounts, as well as online and mobile banking services; personal credit cards; and specialty banking services.

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