Banc of California (NYSE:BANC) Stock Rating Reaffirmed by Stephens

Banc of California (NYSE:BANC)‘s stock had its “equal weight” rating reaffirmed by research analysts at Stephens in a research report issued on Wednesday, Benzinga reports. They presently have a $14.00 price objective on the bank’s stock. Stephens’ price objective indicates a potential downside of 0.92% from the company’s current price.

A number of other research analysts also recently commented on the company. DA Davidson reduced their target price on Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Piper Sandler decreased their price objective on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, May 13th. Wedbush reissued a “neutral” rating and set a $14.00 target price on shares of Banc of California in a report on Wednesday, July 24th. Keefe, Bruyette & Woods reduced their price target on shares of 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, Wells Fargo & Company lowered their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $15.69.

Banc of California Trading Up 0.3 %

BANC opened at $14.13 on Wednesday. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.54. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The stock has a market capitalization of $2.22 billion, a PE ratio of -4.24 and a beta of 1.14. The firm’s fifty day moving average price is $13.63 and its 200 day moving average price is $13.93.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The company had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same period in the previous year, the firm posted $0.32 EPS. As a group, research analysts expect that Banc of California will post 0.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after buying an additional 1,582,941 shares during the period. Basswood Capital Management L.L.C. bought a new position in shares of Banc of California in the fourth quarter worth $3,374,000. Carmignac Gestion bought a new position in shares of Banc of California in the fourth quarter worth $2,152,000. Sei Investments Co. increased its holdings in shares of Banc of California by 86.0% during the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after purchasing an additional 234,021 shares during the period. Finally, Swiss National Bank raised its stake in shares of Banc of California by 156.8% during the fourth quarter. Swiss National Bank now owns 295,114 shares of the bank’s stock valued at $3,963,000 after purchasing an additional 180,214 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.