Wedbush Lowers Banc of California (NYSE:BANC) Price Target to $15.00

Banc of California (NYSE:BANC) had its price objective cut by stock analysts at Wedbush from $16.00 to $15.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Wedbush’s price objective suggests a potential upside of 6.46% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. Wells Fargo & Company upped their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Barclays began coverage on shares of Banc of California in a research note on Friday, March 8th. They set an “equal weight” rating and a $16.00 target price for the company. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. StockNews.com initiated coverage on shares of Banc of California in a research note on Monday, January 29th. They set a “hold” rating for the company. Finally, Truist Financial reissued a “hold” rating and issued a $16.00 price target on shares of Banc of California in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Banc of California currently has a consensus rating of “Hold” and a consensus target price of $16.64.

Banc of California Price Performance

Shares of Banc of California stock opened at $14.09 on Wednesday. The firm has a fifty day simple moving average of $14.50 and a 200-day simple 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. Banc of California has a 1-year low of $9.72 and a 1-year high of $16.08. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -4.23 and a beta of 1.15.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The firm had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the previous year, the firm posted $0.37 earnings per share. On average, sell-side analysts expect that Banc of California will post 1.5 earnings per share for the current year.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley bought 10,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were acquired at an average price of $21.40 per share, with a total value of $214,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at $214,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 7.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

Several large investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System grew its holdings in shares of Banc of California by 4.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 68,600 shares of the bank’s stock worth $1,043,000 after purchasing an additional 3,200 shares during the last quarter. Maryland State Retirement & Pension System grew its holdings in Banc of California by 5.1% during the 1st quarter. Maryland State Retirement & Pension System now owns 49,943 shares of the bank’s stock worth $691,000 after acquiring an additional 2,407 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Banc of California by 4.9% during the 1st quarter. State of Alaska Department of Revenue now owns 84,432 shares of the bank’s stock worth $1,284,000 after acquiring an additional 3,969 shares during the last quarter. First Dallas Securities Inc. bought a new stake in Banc of California during the 1st quarter worth about $608,000. Finally, Hodges Capital Management Inc. grew its holdings in Banc of California by 288.4% during the 1st quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock worth $26,587,000 after acquiring an additional 1,298,004 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

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.