Barclays Boosts Banc of California (NYSE:BANC) Price Target to $16.00

Banc of California (NYSE:BANC) had its target price upped by Barclays from $14.00 to $16.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective would indicate a potential upside of 7.38% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research report on Tuesday, September 17th. Stephens reiterated an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a report on Wednesday, September 4th. Keefe, Bruyette & Woods dropped their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Truist Financial upped their target price 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. Finally, Wedbush upgraded shares of Banc of California from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $14.00 to $18.00 in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $16.50.

Banc of California Price Performance

Shares of NYSE:BANC traded up $0.08 on Friday, reaching $14.90. 179,337 shares of the company were exchanged, compared to its average volume of 2,337,559. 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 $15.54. The company has a 50-day moving average of $13.98 and a 200-day moving average of $13.91. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -4.46 and a beta of 1.13.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The company had revenue of $492.38 million for 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 previous year, the business posted $0.32 earnings per share. Equities analysts forecast that Banc of California will post 0.59 earnings per share for the current fiscal year.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after acquiring an additional 1,582,941 shares in the last quarter. Basswood Capital Management L.L.C. acquired a new stake in Banc of California during the 4th quarter valued at $3,374,000. Carmignac Gestion purchased a new stake in Banc of California during the 4th quarter worth $2,152,000. Sei Investments Co. lifted its holdings in Banc of California by 86.0% in the 1st quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock worth $7,699,000 after buying an additional 234,021 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in Banc of California by 55.5% in the 1st quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock valued at $2,819,000 after buying an additional 66,183 shares during the last quarter. Hedge funds and other 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.