Banc of California (NYSE:BANC) PT Raised to $16.00 at Barclays

by · The Markets Daily

Banc of California (NYSE:BANC – Get Free Report) had its target price increased by equities researchers at Barclays from $14.00 to $16.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Barclays‘s price target indicates a potential upside of 8.18% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Wedbush raised Banc of California from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. Truist Financial raised their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Stephens reissued an “equal weight” rating and set a $14.00 price target on shares of Banc of California in a research note on Wednesday, September 4th. Keefe, Bruyette & Woods lowered their price target 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. Finally, Wells Fargo & Company reduced their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $16.50.

Get Our Latest Stock Analysis on BANC

Banc of California Price Performance

Shares of BANC opened at $14.79 on Friday. 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 company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -4.44 and a beta of 1.13. The business’s 50-day moving average is $13.99 and its 200-day moving average is $13.91. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.54.

Banc of California (NYSE:BANC – Get Free Report) last announced its quarterly 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). The firm had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 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 in the prior year, the firm earned $0.32 earnings per share. Equities research analysts expect that Banc of California will post 0.59 EPS for the current fiscal year.

Insider Buying and Selling at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was 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 in the company, valued at $10,077,564. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several institutional investors and hedge funds have recently made changes to their positions in BANC. Riverview Trust Co bought a new stake in shares of Banc of California during the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC purchased a new position in shares of Banc of California during the first quarter worth about $30,000. Fifth Third Bancorp lifted its holdings in shares of Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the last quarter. LifeSteps Financial Inc. purchased a new stake in Banc of California during the first quarter valued at about $60,000. Finally, Mendon Capital Advisors Corp bought a new stake in Banc of California during the second quarter worth about $102,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

(Get Free Report)

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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