Banc of California (NYSE:BANC) Given Neutral Rating at Wedbush

Banc of California (NYSE:BANC)‘s stock had its “neutral” rating reaffirmed by equities researchers at Wedbush in a report released on Wednesday, Benzinga reports. They currently have a $14.00 price target on the bank’s stock. Wedbush’s price objective suggests a potential upside of 6.46% from the company’s current price.

Several other analysts also recently commented on the stock. DA Davidson dropped their target price on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Truist Financial boosted their price target on Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Wednesday. StockNews.com raised Banc of California to a “sell” rating in a research note on Thursday, April 25th. Barclays lowered their target price on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Keefe, Bruyette & Woods lowered their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.81.

Banc of California Trading Down 4.9 %

Shares of NYSE:BANC traded down $0.68 during mid-day trading on Wednesday, reaching $13.15. The stock had a trading volume of 1,775,338 shares, compared to its average volume of 2,414,756. The firm has a market cap of $2.07 billion, a PE ratio of -3.95 and a beta of 1.14. The firm has a 50 day simple moving average of $13.39 and a two-hundred day simple moving average of $13.85. 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 twelve month low of $9.96 and a twelve month high of $16.08.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). The company had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 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 last year, the business posted $0.32 earnings per share. On average, research analysts predict that Banc of California will post 1.02 EPS for the current fiscal year.

Insider Buying and Selling at Banc of California

In other Banc of California news, CEO Jared M. Wolff purchased 7,130 shares of the stock in a transaction on Thursday, April 25th. The shares were purchased at an average price of $13.98 per share, with a total value of $99,677.40. Following the acquisition, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Several institutional investors and hedge funds have recently modified their holdings of the business. Louisiana State Employees Retirement System raised its holdings in shares of Banc of California by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,200 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after buying an additional 1,273 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of Banc of California during the 2nd quarter valued at about $2,953,000. Assenagon Asset Management S.A. raised its holdings in shares of Banc of California by 36.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 116,041 shares of the bank’s stock valued at $1,483,000 after buying an additional 31,246 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Banc of California by 380.1% during the 2nd quarter. SG Americas Securities LLC now owns 48,650 shares of the bank’s stock valued at $622,000 after buying an additional 38,516 shares in the last quarter. Hedge funds and other 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.