Banc of California (NYSE:BANC) Price Target Raised to $16.00 at Stephens

Banc of California (NYSE:BANC) had its target price hoisted by investment analysts at Stephens from $15.00 to $16.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Stephens’ target price would indicate a potential upside of 5.12% from the stock’s current price.

Several other equities research analysts have also recently weighed in on BANC. Keefe, Bruyette & Woods cut their price objective on shares of 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. Wedbush upped their price objective on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday. Citigroup began coverage on Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price for the company. Barclays boosted their target price on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, DA Davidson boosted their target price on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $17.20.

Banc of California Trading Down 1.5 %

Shares of Banc of California stock opened at $15.22 on Thursday. The firm has a 50-day moving average of $14.47 and a 200-day moving average of $13.91. The stock has a market cap of $2.39 billion, a PE ratio of -4.57 and a beta of 1.14. Banc of California has a 52-week low of $10.53 and a 52-week high of $15.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 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 $0.30 earnings per share. As a group, sell-side analysts forecast that Banc of California will post 0.61 EPS for the current year.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction 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 directly owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several large investors have recently added to or reduced their stakes in BANC. Vanguard Group Inc. increased its holdings in Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after acquiring an additional 5,311,842 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Banc of California by 54.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank’s stock worth $206,000 after acquiring an additional 5,412 shares during the last quarter. Global Assets Advisory LLC purchased a new stake in Banc of California in the 1st quarter worth about $741,000. Future Financial Wealth Managment LLC purchased a new stake in Banc of California in the 1st quarter worth about $30,000. Finally, Hennessy Advisors Inc. increased its holdings in Banc of California by 44.3% in the 1st quarter. Hennessy Advisors Inc. now owns 250,000 shares of the bank’s stock worth $3,802,000 after acquiring an additional 76,758 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.