Banc of California (NYSE:BANC) Now Covered by Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Banc of California (NYSE:BANC - Get Free Report) in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set a "buy" rating and a $18.00 price target on the bank's stock. Jefferies Financial Group's price objective points to a potential upside of 30.65% from the stock's previous close.

Other research analysts have also issued research reports about the stock. Stephens restated an "equal weight" rating and set a $15.00 price target on shares of Banc of California in a research note on Monday, April 28th. Wall Street Zen raised Banc of California from a "sell" rating to a "hold" rating in a report on Friday, January 24th. Robert W. Baird decreased their price target on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Wells Fargo & Company dropped their price target on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, Barclays dropped their target price on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $17.17.

Banc of California Stock Down 0.5%

Shares of BANC stock traded down $0.07 during trading on Wednesday, hitting $13.78. 1,360,989 shares of the company were exchanged, compared to its average volume of 2,296,413. The business's 50-day simple moving average is $13.59 and its 200 day simple moving average is $15.00. Banc of California has a twelve month low of $11.52 and a twelve month high of $18.08. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 24.60 and a beta of 0.69. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to analysts' expectations of $272.36 million. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Banc of California's revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 EPS. As a group, analysts forecast that Banc of California will post 1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other Banc of California news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction on Tuesday, April 29th. The shares were purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the acquisition, the director now owns 169,680 shares in the company, valued at approximately $2,232,988.80. This represents a 6.26% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.69% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BANC. Intech Investment Management LLC increased its position in shares of Banc of California by 29.9% during the first quarter. Intech Investment Management LLC now owns 86,010 shares of the bank's stock valued at $1,220,000 after buying an additional 19,821 shares during the period. Bayforest Capital Ltd grew its stake in shares of Banc of California by 1,355.6% during the first quarter. Bayforest Capital Ltd now owns 31,513 shares of the bank's stock valued at $447,000 after buying an additional 29,348 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Banc of California by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank's stock worth $6,270,000 after purchasing an additional 4,263 shares during the period. Caxton Associates LLP bought a new stake in Banc of California during the 1st quarter valued at $476,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank's stock worth $53,879,000 after purchasing an additional 297,680 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.