Banc of California (NYSE:BANC) Price Target Cut to $17.00 by Analysts at Stephens

Banc of California (NYSE:BANC) had its price objective decreased by equities researchers at Stephens from $18.00 to $17.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Stephens’ price target would indicate a potential upside of 5.41% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Barclays decreased their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday. Wedbush raised their target price on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $17.00 to $20.00 in a research note on Monday, January 6th. StockNews.com raised Banc of California from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Raymond James raised their price objective on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.20.

Banc of California Trading Up 0.9 %

Shares of BANC stock opened at $16.13 on Monday. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -3.79 and a beta of 1.14. The stock has a 50-day moving average of $16.17 and a 200-day moving average of $15.06. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. On average, equities research analysts forecast that Banc of California will post 0.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Verition Fund Management LLC lifted its holdings in shares of Banc of California by 93.2% in the third quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock valued at $36,477,000 after purchasing an additional 1,194,839 shares in the last quarter. Hodges Capital Management Inc. lifted its holdings in shares of Banc of California by 10.7% in the fourth quarter. Hodges Capital Management Inc. now owns 2,281,410 shares of the bank’s stock valued at $35,270,000 after purchasing an additional 221,125 shares in the last quarter. Basswood Capital Management L.L.C. lifted its holdings in shares of Banc of California by 589.8% in the third quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock valued at $25,526,000 after purchasing an additional 1,481,692 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Banc of California in the third quarter valued at approximately $21,207,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Banc of California by 3.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock valued at $18,169,000 after purchasing an additional 44,951 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

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.