Banc of California (NYSE:BANC) PT Lowered to $15.00

Banc of California (NYSE:BANC) had its target price decreased by Barclays from $16.00 to $15.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Barclays‘s price target would indicate a potential upside of 6.46% from the company’s current price.

A number of other research firms have also recently commented on BANC. Wedbush cut their price objective on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday. Truist Financial restated a “hold” rating and issued a $16.00 price objective on shares of Banc of California in a research report on Monday, April 1st. StockNews.com initiated coverage on Banc of California in a research report on Monday, January 29th. They issued a “hold” rating for the company. Wells Fargo & Company boosted their price target on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods upgraded Banc of California from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $16.64.

Banc of California Price Performance

Shares of BANC stock opened at $14.09 on Wednesday. The stock has a 50 day moving average of $14.50 and a 200 day moving average of $13.32. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.22 billion, a P/E ratio of -4.23 and a beta of 1.15. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The business 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 quarter last year, the firm earned $0.37 earnings per share. As a group, sell-side analysts expect that Banc of California will post 1.5 EPS for the current year.

Insiders Place Their Bets

In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was 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 of the company’s stock, valued at $373,935.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 7.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its stake in Banc of California by 2,466.2% during the fourth 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 during the last quarter. Riverview Trust Co acquired a new position in shares of Banc of California in the 1st quarter valued at $29,000. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California in the 1st quarter valued at $30,000. Lee Financial Co acquired a new position in shares of Banc of California in the 4th quarter valued at $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in shares of Banc of California in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.