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

Banc of California (NYSE:BANC) had its price objective hoisted by research analysts at Wells Fargo & Company from $15.00 to $16.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 13.39% from the company’s previous close.

A number of other brokerages have also commented on BANC. Raymond James raised 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 report on Tuesday, September 17th. Wedbush upgraded Banc of California from a “neutral” rating to an “outperform” rating and raised their price target for the company from $14.00 to $18.00 in a research report on Tuesday, September 24th. Stephens reaffirmed an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a research note on Wednesday, September 4th. Keefe, Bruyette & Woods reduced their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Finally, Barclays boosted their target price on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $16.61.

Banc of California Price Performance

NYSE:BANC traded down $0.62 during trading hours on Tuesday, hitting $14.11. 1,668,707 shares of the company’s stock traded hands, compared to its average volume of 2,341,506. Banc of California has a 52 week low of $9.96 and a 52 week high of $15.54. The business’s fifty day simple moving average is $13.99 and its two-hundred day simple moving average is $13.90. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.22 billion, a P/E ratio of -4.25 and a beta of 1.13.

Banc of California (NYSE:BANC) last issued 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 business had revenue of $492.38 million for the quarter, compared to the consensus estimate 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 last year, the business posted $0.32 EPS. On average, research analysts anticipate that Banc of California will post 0.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was 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 $10,077,564. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised 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 valued at $161,192,000 after purchasing an additional 1,582,941 shares during the last quarter. PL Capital Advisors LLC increased its stake in shares of Banc of California by 0.7% during the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after buying an additional 22,500 shares during the period. American Century Companies Inc. raised its holdings in shares of Banc of California by 25.9% during the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after acquiring an additional 663,061 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Banc of California by 148.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after acquiring an additional 1,791,992 shares during the period. Finally, William Blair Investment Management LLC boosted its holdings in Banc of California by 42.1% in the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after acquiring an additional 762,959 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.