Truist Financial Lowers Banc of California (NYSE:BANC) Price Target to $13.00

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

BANC has been the topic of several other reports. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Wedbush cut their price objective on shares of 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 reduced their price objective on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Stephens dropped their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 14th. Finally, DA Davidson cut their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price 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 company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm’s 50 day moving average is $13.48 and its 200 day moving average is $13.80. The stock 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 released its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $522.57 million during the quarter, compared to analysts’ expectations of $296.02 million. During the same period in the prior year, the business earned $0.37 earnings per share. Sell-side analysts expect that Banc of California will post 1.05 earnings per share for the current year.

Insider Transactions at Banc of California

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 price of $13.98 per share, with a total value of $99,677.40. Following the acquisition, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its holdings in shares of Banc of California by 2,466.2% during the 4th 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 last quarter. Riverview Trust Co purchased a new stake in Banc of California during the first quarter valued at about $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the first quarter worth about $30,000. Lee Financial Co purchased a new position in shares of Banc of California in the 4th quarter worth about $40,000. Finally, Longfellow Investment Management Co. LLC bought a new position in shares of Banc of California during the 4th quarter valued at about $41,000. 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.