Banc of California (NYSE:BANC) PT Raised to $16.00

Banc of California (NYSE:BANC) had its price target increased by investment analysts at Truist Financial from $15.00 to $16.00 in a report issued on Friday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 6.31% from the stock’s previous close.

Several other brokerages have also recently commented on BANC. Wedbush restated a “neutral” rating and set a $14.00 price objective on shares of Banc of California in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods decreased their target price on shares of 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. Stephens reiterated an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a research note on Wednesday, September 4th. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price for the company in a research note on Tuesday, September 17th. Finally, Barclays decreased their target price on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and a consensus target price of $15.83.

Banc of California Stock Performance

Shares of NYSE BANC opened at $15.05 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. Banc of California has a 12 month low of $9.96 and a 12 month high of $15.54. The company has a 50 day simple moving average of $13.94 and a two-hundred day simple moving average of $13.91. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of -4.52 and a beta of 1.13.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same quarter in the previous year, the firm posted $0.32 earnings per share. As a group, analysts predict that Banc of California will post 0.61 earnings per share for the current year.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after buying an additional 1,582,941 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Banc of California by 49.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after purchasing an additional 1,615,478 shares during the period. PL Capital Advisors LLC grew its holdings in shares of Banc of California by 0.7% in the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after purchasing an additional 22,500 shares during the period. American Century Companies Inc. grew its holdings in shares of Banc of California by 25.9% in the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after purchasing an additional 663,061 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Banc of California by 148.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares during the period. Hedge funds and other institutional investors 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.