Banc of California (NYSE:BANC) PT Raised to $16.00 at Wells Fargo & Company

Banc of California (NYSE:BANC) had its target price increased by Wells Fargo & Company from $15.00 to $16.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 15.19% from the company’s previous close.

A number of other research firms have also recently issued reports on BANC. Truist Financial raised their price objective on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Stephens reaffirmed an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a research report on Wednesday, September 4th. Keefe, Bruyette & Woods decreased their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Barclays raised their target price on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Finally, Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price target on the stock in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $16.61.

Banc of California Trading Down 1.1 %

NYSE BANC opened at $13.89 on Tuesday. Banc of California has a 12 month low of $9.96 and a 12 month high of $15.54. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The stock has a 50 day moving average of $14.01 and a 200-day moving average of $13.90. The company has a market cap of $2.18 billion, a PE ratio of -4.17 and a beta of 1.13.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The firm had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the prior year, the business earned $0.32 EPS. On average, equities research analysts anticipate that Banc of California will post 0.59 EPS for the current fiscal year.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The sale was disclosed in a filing with the SEC, which is available at this link. 7.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On Banc of California

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mendon Capital Advisors Corp bought a new position in shares of Banc of California in the 2nd quarter valued at $102,000. Algert Global LLC bought a new position in Banc of California in the second quarter valued at about $182,000. The Manufacturers Life Insurance Company raised its stake in Banc of California by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock worth $989,000 after acquiring an additional 1,939 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Banc of California in the second quarter worth about $166,000. Finally, Public Sector Pension Investment Board boosted its stake in shares of Banc of California by 7.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank’s stock valued at $3,904,000 after purchasing an additional 21,365 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.