Wells Fargo & Company Cuts Banc of California (NYSE:BANC) Price Target to $15.00

Banc of California (NYSE:BANC) had its target price dropped by equities research analysts at Wells Fargo & Company from $16.00 to $15.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 17.19% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. DA Davidson cut their price objective on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Truist Financial lowered their price objective on shares of Banc of California from $15.00 to $13.00 and set a “hold” rating for the company in a research note on Monday. Piper Sandler decreased their price target on shares of 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. Barclays decreased their price objective on shares of 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. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. One investment 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, the stock currently has an average rating of “Hold” and an average target price of $15.81.

Banc of California Stock Performance

Shares of BANC opened at $12.80 on Tuesday. Banc of California has a 52 week low of $9.96 and a 52 week high of $16.08. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -3.84 and a beta of 1.14. The business has a 50-day simple moving average of $13.46 and a two-hundred day simple moving average of $13.79. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The company had revenue of $522.57 million during the quarter, compared to analysts’ expectations of $296.02 million. During the same period last year, the firm posted $0.37 EPS. On average, analysts expect that Banc of California will post 1.04 EPS for the current year.

Insider Transactions at Banc of California

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares during the period. Riverview Trust Co acquired a new position in Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the first quarter worth $30,000. Lee Financial Co acquired a new position in Banc of California during the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in Banc of California during the fourth quarter worth $41,000. 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.