Banc of California (NYSE:BANC) Earns Buy Rating from Analysts at Jefferies Financial Group

Equities research analysts at Jefferies Financial Group began coverage on shares of Banc of California (NYSE:BANC - Get Free Report) in a report issued 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 target price suggests a potential upside of 30.65% from the company's previous close.

A number of other equities research analysts have also weighed in on the company. Raymond James boosted their price target on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Barclays dropped their target price on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company decreased 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 report on Wednesday, April 9th. Robert W. Baird dropped their price objective on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Stephens reissued an "equal weight" rating and issued a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Banc of California has a consensus rating of "Moderate Buy" and a consensus price target of $17.17.

Banc of California Stock Down 0.5%

Shares of BANC stock traded down $0.07 during trading hours on Wednesday, reaching $13.78. 1,360,989 shares of the company's stock were exchanged, compared to its average volume of 2,295,074. Banc of California has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The stock's 50 day moving average is $13.59 and its 200-day moving average is $15.02. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 24.60 and a beta of 0.69.

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

Insider Buying and Selling at Banc of California

In related news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction on Tuesday, April 29th. The shares were acquired at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the transaction, the director now owns 169,680 shares in the company, valued at approximately $2,232,988.80. This trade represents a 6.26% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.69% of the company's stock.

Hedge Funds Weigh In On Banc of California

Several large investors have recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in Banc of California during the fourth quarter valued at $30,000. SBI Securities Co. Ltd. purchased a new stake in shares of Banc of California during the 4th quarter worth about $36,000. Jones Financial Companies Lllp grew its position in shares of Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after acquiring an additional 928 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Banc of California by 205.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock valued at $68,000 after acquiring an additional 2,926 shares during the period. Finally, Summit Securities Group LLC purchased a new position in shares of Banc of California in the 4th quarter valued at about $97,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

About Banc of California

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.