Banc of California (NYSE:BANC – Get Free Report) had its target price cut by equities researchers at Barclays from $20.00 to $19.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Barclays‘s price target indicates a potential upside of 18.78% from the company’s current price.
Several other research firms have also weighed in on BANC. Keefe, Bruyette & Woods boosted their target price on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $17.00 to $20.00 in a research note on Monday, January 6th. Raymond James raised their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Stephens boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. Finally, Wedbush raised their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.10.
View Our Latest Stock Report on Banc of California
Banc of California Stock Performance
Banc of California (NYSE:BANC – Get Free Report) last posted 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 negative net margin of 20.75% and a positive return on equity of 2.93%. As a group, equities analysts anticipate that Banc of California will post 0.71 EPS for the current fiscal year.
Institutional Trading of Banc of California
Several institutional investors have recently modified their holdings of the company. Future Financial Wealth Managment LLC bought a new position in Banc of California in the third quarter worth $29,000. GAMMA Investing LLC raised its stake in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares in the last quarter. KBC Group NV raised its stake in shares of Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock valued at $113,000 after buying an additional 3,026 shares in the last quarter. Mendon Capital Advisors Corp bought a new position in shares of Banc of California during the 2nd quarter worth about $102,000. Finally, Paloma Partners Management Co acquired a new stake in shares of Banc of California during the 3rd quarter valued at about $158,000. Institutional investors and hedge funds 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.
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