Wells Fargo & Company Lowers 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 research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 17.19% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. Barclays lowered their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday, April 24th. Piper Sandler cut 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 report on Monday, May 13th. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their target price for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Wedbush dropped their target price 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. Finally, Truist Financial lowered their price target on shares of Banc of California from $15.00 to $13.00 and set a “hold” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.81.

Banc of California Stock Performance

Shares of BANC stock opened at $12.80 on Tuesday. The firm’s 50 day moving average price is $13.46 and its 200-day moving average price is $13.79. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current 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 cap of $2.01 billion, a P/E ratio of -3.84 and a beta of 1.14.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share 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 business had revenue of $522.57 million for the quarter, compared to analysts’ expectations of $296.02 million. During the same period in the previous year, the company earned $0.37 earnings per share. As a group, equities research analysts predict that Banc of California will post 1.04 EPS for the current year.

Insider Activity

In other news, CEO Jared M. Wolff acquired 7,130 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were bought 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 of the company’s stock, valued at approximately $3,756,356.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.80% of the company’s stock.

Institutional Trading of Banc of California

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mutual of America Capital Management LLC increased its stake in Banc of California by 4.3% during the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock valued at $363,000 after purchasing an additional 984 shares during the last quarter. Truist Financial Corp lifted its holdings in Banc of California by 9.8% in the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after purchasing an additional 1,223 shares during the period. Versant Capital Management Inc lifted its holdings in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares during the last quarter. Riverview Trust Co acquired a new stake in Banc of California in the 1st quarter valued at about $29,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the 1st quarter valued at about $30,000. 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.