Banc of California (NYSE:BANC) Given New $17.00 Price Target at Barclays

Banc of California (NYSE:BANC) had its price target hoisted by research analysts at Barclays from $16.00 to $17.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective indicates a potential upside of 10.32% from the stock’s current price.

Several other analysts also recently issued reports on BANC. Truist Financial boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Raymond James raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price target on the stock in a research note on Tuesday, September 17th. Citigroup assumed coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target on the stock. Wedbush raised shares of Banc of California from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $14.00 to $18.00 in a research note on Tuesday, September 24th. Finally, Wells Fargo & Company increased 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 Tuesday, October 1st. 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $16.55.

Banc of California Price Performance

NYSE BANC opened at $15.41 on Wednesday. The business’s fifty day moving average is $14.35 and its two-hundred day moving average is $13.88. 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 has a 1 year low of $9.96 and a 1 year high of $15.64. The stock has a market capitalization of $2.42 billion, a P/E ratio of -4.63 and a beta of 1.14.

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

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the 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 owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 1,582,941 shares during the period. PL Capital Advisors LLC lifted its stake in Banc of California by 0.7% during the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock worth $49,040,000 after purchasing an additional 22,500 shares during the period. American Century Companies Inc. lifted its stake in Banc of California by 25.9% during the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after purchasing an additional 663,061 shares during the period. William Blair Investment Management LLC lifted its stake in Banc of California by 42.1% during the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after purchasing an additional 762,959 shares during the period. Finally, Senator Investment Group LP lifted its stake in Banc of California by 13.8% during the first quarter. Senator Investment Group LP now owns 2,445,685 shares of the bank’s stock worth $37,199,000 after purchasing an additional 297,097 shares during the period. 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.