Piper Sandler Has Lowered Expectations for Banc of California (NYSE:BANC) Stock Price

by · The Markets Daily

Banc of California (NYSE:BANC – Get Free Report) had its price objective lowered by Piper Sandler from $23.00 to $22.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price target would indicate a potential upside of 27.80% from the stock’s current price.

BANC has been the subject of several other reports. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Wall Street Zen raised shares of Banc of California from a “strong sell” rating to a “sell” rating in a report on Sunday. JPMorgan Chase & Co. upped their target price on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. 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 research report on Friday, July 31st. Finally, UBS Group assumed coverage on Banc of California in a research report on Monday, September 14th. They set a “neutral” rating and a $20.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $20.78.

View Our Latest Analysis on Banc of California

Banc of California Trading Down 0.5%

Shares of Banc of California stock opened at $17.21 on Thursday. The company’s 50-day moving average price is $18.87 and its 200-day moving average price is $19.00. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. Banc of California has a 12-month low of $15.33 and a 12-month high of $21.93. The company has a market cap of $2.73 billion, a price-to-earnings ratio of -40.99 and a beta of 0.73.

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

Insider Activity at Banc of California

In related news, insider Olivia Lindsay sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares in the company, valued at $640,419. This represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of the company’s 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 completion of the transaction, 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 SEC filing for this sale provides additional information. 2.78% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BANC. BlackRock Inc. purchased a new position in Banc of California in the 2nd quarter worth approximately $462,252,000. Wellington Management Group LLP boosted its stake in Banc of California by 147.2% during the 2nd quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock valued at $125,070,000 after purchasing an additional 3,645,579 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Banc of California in the 2nd quarter worth $25,521,000. Bank of America Corp DE bought a new stake in shares of Banc of California in the 2nd quarter worth $22,404,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Banc of California in the second quarter worth $22,019,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

About Banc of California

(Get Free Report)

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.

Further Reading