Banc of California (NYSE:BANC) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Banc of California from “sell” to “hold.” Across analysts, the stock has a “Moderate Buy” consensus rating and an average price target of $22.38.
• The bank reported quarterly EPS of $0.46, slightly above the $0.45 consensus, while revenue of $303.07 million came in below estimates; revenue rose 5.6% year over year.
• Shares opened at $17.86, within a 12-month range of $16.12 to $21.93. CEO Jared M. Wolff also bought 5,487 shares at an average price of $18.18.

Banc of California (NYSE:BANC - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other research analysts have also recently weighed in on BANC. Piper Sandler dropped their price target on shares of Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, October 1st. Wells Fargo & Company cut their price objective on shares of Banc of California from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Monday, November 9th. Citigroup reduced their price objective on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research note on Friday, July 31st. UBS Group started coverage on Banc of California in a report on Monday, September 14th. They issued a "neutral" rating and a $20.00 target price on the stock. Finally, Barclays lifted their target price on Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, October 5th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.38.

Banc of California Stock Performance

BANC opened at $17.86 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.20. The company has a market cap of $2.83 billion, a price-to-earnings ratio of -52.51 and a beta of 0.74. The company's 50 day moving average is $17.90 and its 200 day moving average is $18.84. Banc of California has a 12-month low of $16.12 and a 12-month high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Tuesday, October 27th. The bank reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. The company had revenue of $303.07 million during the quarter, compared to analyst estimates of $306.27 million. During the same period in the previous year, the business posted $0.38 earnings per share. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities research analysts predict that Banc of California will post 1.70 EPS for the current year.

Insider Activity at Banc of California

In related news, CEO Jared M. Wolff acquired 5,487 shares of the business's stock in a transaction on Friday, October 30th. The stock was acquired at an average cost of $18.18 per share, with a total value of $99,753.66. Following the acquisition, the chief executive officer directly owned 333,456 shares in the company, valued at $6,062,230.08. This represents a 1.67% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Ido Dotan sold 10,541 shares of Banc of California stock in a transaction that occurred on Thursday, September 10th. The shares were 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 in the company, valued at approximately $836,346.60. The trade was a 18.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.78% of the company's stock.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Banc of California during the second quarter valued at $462,252,000. Wellington Management Group LLP lifted its stake in Banc of California by 147.2% in the 2nd quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank's stock worth $125,070,000 after purchasing an additional 3,645,579 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Banc of California by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank's stock worth $113,640,000 after purchasing an additional 600,791 shares in the last quarter. North Reef Capital Management LP boosted its holdings in shares of Banc of California by 29.7% during the 1st quarter. North Reef Capital Management LP now owns 1,500,000 shares of the bank's stock valued at $26,370,000 after purchasing an additional 343,320 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new position in shares of Banc of California during the 2nd quarter valued at about $25,521,000. Institutional investors own 86.88% of the company's stock.

Banc of California Company Profile

Banc of California, Inc. is a bank holding company headquartered in Los Angeles. Through its banking subsidiary, Banc of California, N.A., it provides commercial banking services to businesses, professionals and individuals, with a focus on customers in California. The company offers business and consumer deposit accounts, commercial and real estate lending, and treasury management services. Its lending activities include financing for commercial real estate and businesses, along with specialized financing solutions.

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