Banc of California (NYSE:BANC) Price Target Cut to $17.00

Banc of California (NYSE:BANC) had its target price lowered by Keefe, Bruyette & Woods from $18.00 to $17.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 32.81% from the company’s current price.

BANC has been the subject of a number of other research reports. Wells Fargo & Company reduced their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday. Piper Sandler reduced their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. DA Davidson reduced their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Wedbush reduced their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Finally, Barclays reduced their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Banc of California has a consensus rating of “Hold” and a consensus target price of $15.81.

Banc of California Stock Performance

Shares of BANC opened at $12.80 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a one year low of $9.96 and a one year high of $16.08. The firm has a market capitalization of $2.01 billion, a P/E ratio of -3.84 and a beta of 1.14. The business has a fifty day moving average of $13.46 and a 200 day moving average of $13.79.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company had revenue of $522.57 million for the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $0.37 EPS. As a group, sell-side analysts anticipate that Banc of California will post 1.04 EPS for the current year.

Insider Buying and Selling

In other news, CEO Jared M. Wolff purchased 7,130 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, with a total value of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares in the company, valued at $3,756,356.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Simplicity Wealth LLC bought a new position in Banc of California during the second quarter valued at approximately $132,000. EMC Capital Management bought a new position in Banc of California during the first quarter valued at approximately $235,000. Redwood Investment Management LLC bought a new stake in shares of Banc of California in the 1st quarter valued at approximately $630,000. Kennedy Capital Management LLC lifted its stake in shares of Banc of California by 0.7% in the 1st quarter. Kennedy Capital Management LLC now owns 1,802,075 shares of the bank’s stock valued at $27,410,000 after purchasing an additional 13,311 shares during the last quarter. Finally, Black Maple Capital Management LP lifted its stake in shares of Banc of California by 195.5% in the 1st quarter. Black Maple Capital Management LP now owns 462,409 shares of the bank’s stock valued at $7,033,000 after purchasing an additional 305,932 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

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.