Banc of California (NYSE:BANC) Given New $17.00 Price Target at Barclays

Banc of California (NYSE:BANC) had its price target increased by Barclays from $16.00 to $17.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective points to a potential upside of 10.32% from the stock’s previous close.

BANC has been the subject of a number of other research reports. Truist Financial raised their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Keefe, Bruyette & Woods lowered their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Stephens reissued an “equal weight” rating and issued a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Wells Fargo & Company raised their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Finally, Citigroup initiated coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $16.55.

Banc of California Stock Performance

NYSE BANC opened at $15.41 on Wednesday. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of -4.63 and a beta of 1.14. The company has a 50 day moving average of $14.35 and a 200-day moving average of $13.88. 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 1-year low of $9.96 and a 1-year high of $15.64.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). The firm 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 2.12% and a negative net margin of 21.99%. During the same period in the previous year, the business posted $0.32 EPS. On average, equities analysts forecast that Banc of California will post 0.61 earnings per share for the current fiscal year.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.37% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BANC. Vanguard Group Inc. grew its stake in Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after buying an additional 5,311,842 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Banc of California by 54.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank’s stock valued at $206,000 after buying an additional 5,412 shares during the last quarter. Global Assets Advisory LLC acquired a new position in Banc of California in the 1st quarter valued at about $741,000. Riverview Trust Co acquired a new position in Banc of California in the 1st quarter valued at about $29,000. Finally, Future Financial Wealth Managment LLC acquired a new position in Banc of California in the 1st quarter valued at about $30,000. 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.