Banc of California (NYSE:BANC) PT Raised to $19.00 at Wedbush

Banc of California (NYSE:BANC) had its price target boosted by investment analysts at Wedbush from $18.00 to $19.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Wedbush’s target price points to a potential upside of 22.98% from the stock’s current price.

A number of other research firms have also recently issued reports on BANC. Barclays raised their target price on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. Keefe, Bruyette & Woods reduced their target price on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. Stephens restated an “equal weight” rating and issued a $14.00 price target on shares of Banc of California in a research note on Wednesday, September 4th. Wells Fargo & Company lifted their price target on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Citigroup assumed coverage on Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Banc of California currently has an average rating of “Hold” and a consensus target price of $17.20.

Banc of California Trading Up 1.0 %

Banc of California stock opened at $15.45 on Wednesday. Banc of California has a 1 year low of $10.03 and a 1 year high of $15.69. The firm’s 50-day moving average is $14.44 and its 200-day moving average is $13.91. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The company has a market cap of $2.43 billion, a P/E ratio of -4.64 and a beta of 1.14.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million for 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 last year, the company posted $0.30 earnings per share. On average, equities analysts expect that Banc of California will post 0.61 earnings per share for the current year.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value 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 approximately $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Riverview Trust Co bought a new stake in shares of Banc of California during the 1st quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California in the 1st quarter valued at $30,000. Fifth Third Bancorp increased its stake in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares in the last quarter. GAMMA Investing LLC raised its holdings in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares during the period. Finally, Mendon Capital Advisors Corp purchased a new stake in Banc of California during the second quarter valued at about $102,000. 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.