Banc of California (NYSE:BANC) Stock Rating Upgraded by Barclays

Banc of California (NYSE:BANC) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Thursday, MarketBeat.com reports. The firm currently has a $18.00 price objective on the bank’s stock, up from their previous price objective of $17.00. Barclays‘s target price would suggest a potential upside of 17.61% from the stock’s current price.

Several other equities research analysts have also recently weighed in on BANC. Keefe, Bruyette & Woods decreased 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. Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Stephens boosted their price objective on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Wells Fargo & Company raised 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, October 23rd. Finally, Wedbush raised 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, October 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $17.30.

Banc of California Stock Performance

Banc of California stock opened at $15.31 on Thursday. The business has a 50 day moving average of $14.61 and a 200-day moving average of $13.95. The company has a market capitalization of $2.43 billion, a P/E ratio of -3.58 and a beta of 1.14. Banc of California has a 1 year low of $11.10 and a 1 year high of $16.01. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share 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 analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period in the previous year, the firm posted $0.30 EPS. On average, equities research analysts predict that Banc of California will post 0.7 earnings per share for the current year.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated 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 transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently bought and sold shares of BANC. Vanguard Group Inc. raised its holdings in shares of Banc of California by 17.6% in the first 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. Sei Investments Co. increased its stake in Banc of California by 86.0% in the 1st quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after buying an additional 234,021 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Banc of California by 55.5% during the 1st quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock worth $2,819,000 after buying an additional 66,183 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Banc of California by 394.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock worth $5,037,000 after buying an additional 264,070 shares during the last quarter. Finally, Redwood Investment Management LLC bought a new position in shares of Banc of California in the first quarter valued at approximately $630,000. 86.88% of the stock is 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.