Banc of California (NYSE:BANC) Stock Price Target Cut by Wells Fargo & Company

by · The Cerbat Gem

Banc of California (NYSE:BANC – Get Free Report) had its price target dropped by equities researchers at Wells Fargo & Company from $23.00 to $22.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 26.98% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. Wall Street Zen raised Banc of California from a “strong sell” rating to a “sell” rating in a report on Sunday. Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Barclays set a $10.00 price target on shares of Banc of California in a report on Tuesday, September 15th. JPMorgan Chase & Co. boosted their price objective on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Finally, Citigroup lowered their price target on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.89.

Get Our Latest Stock Report on BANC

Banc of California Stock Performance

NYSE BANC traded up $0.03 on Wednesday, hitting $17.33. 136,204 shares of the company’s stock were exchanged, compared to its average volume of 2,897,985. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The firm’s 50-day moving average price is $18.95 and its two-hundred day moving average price is $19.00. Banc of California has a fifty-two week low of $15.33 and a fifty-two week high of $21.93. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -41.25 and a beta of 0.73.

Banc of California (NYSE:BANC – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The business had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. During the same period in the prior year, the business earned $0.31 earnings per share. The firm’s quarterly revenue was down 94.0% compared to the same quarter last year. On average, research analysts expect that Banc of California will post 1.69 EPS for the current year.

Insider Buying and Selling at Banc of California

In related news, General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total transaction of $192,900.30. Following the sale, the general counsel owned 45,702 shares of the company’s stock, valued at $836,346.60. This trade represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. The trade was a 15.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.78% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP grew its holdings in shares of Banc of California by 8.8% during the second quarter. Engineers Gate Manager LP now owns 232,431 shares of the bank’s stock worth $4,749,000 after buying an additional 18,862 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Banc of California during the second quarter valued at approximately $70,000. Squarepoint Ops LLC boosted its position in Banc of California by 417.1% during the second quarter. Squarepoint Ops LLC now owns 323,256 shares of the bank’s stock worth $6,604,000 after acquiring an additional 260,741 shares during the last quarter. Arizona State Retirement System grew its stake in Banc of California by 14.4% in the 2nd quarter. Arizona State Retirement System now owns 40,310 shares of the bank’s stock worth $824,000 after acquiring an additional 5,078 shares during the period. Finally, Nykredit A S purchased a new stake in Banc of California in the 2nd quarter worth approximately $61,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

About Banc of California

(Get Free Report)

Banc of California, Inc is the holding company for Banc of California, a relationship-focused financial institution headquartered in California. The bank provides banking and financial services to businesses, entrepreneurs, professionals, individuals and families, with a focus on supporting the state’s local communities and economy.

Its offerings include commercial and industrial lending, commercial real estate financing, residential mortgage lending, consumer loans, business and personal deposit accounts, treasury management, online and mobile banking, and other cash-management services.

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