Banc of California (NYSE:BANC) Price Target Cut to $13.00

Banc of California (NYSE:BANC) had its target price decreased by research analysts at Truist Financial from $15.00 to $13.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s target price suggests a potential upside of 3.67% from the stock’s previous close.

A number of other brokerages have also recently weighed in on BANC. StockNews.com raised shares of Banc of California to a “sell” rating in a research report on Thursday, April 25th. Wells Fargo & Company lifted their target price on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Wedbush lowered their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Piper Sandler cut their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Finally, Stephens lowered their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.81.

Banc of California Trading Up 0.3 %

NYSE BANC opened at $12.54 on Monday. Banc of California has a 12 month low of $9.96 and a 12 month high of $16.08. The stock has a 50-day simple moving average of $13.48 and a 200 day simple moving average of $13.80. 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 company has a market capitalization of $1.97 billion, a PE ratio of -3.77 and a beta of 1.14.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The company had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. During the same period last year, the company earned $0.37 earnings per share. Research analysts forecast that Banc of California will post 1.05 EPS for the current year.

Insider Activity

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 cost of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Banc of California

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after buying an additional 5,311,842 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Banc of California in the 1st quarter valued at about $32,618,000. Bayview Asset Management LLC acquired a new position in shares of Banc of California during the 4th quarter worth about $27,297,000. Goldman Sachs Group Inc. raised its holdings in shares of Banc of California by 148.6% in the 4th 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. Finally, Massachusetts Financial Services Co. MA lifted its stake in Banc of California by 345.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after purchasing an additional 1,777,330 shares during the last quarter. 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.