Banc of California (NYSE:BANC) Now Covered by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo initiated coverage of Banc of California with an “overweight” rating and a $23 price target, implying approximately 21.6% upside from the stock’s $18.92 price. The consensus rating is “Moderate Buy,” with an average target of $22.62.
• Banc of California’s latest quarterly results were significantly below expectations: the bank reported a $1.61 loss per share versus a projected $0.40 profit, while revenue fell 94% year over year to $16.41 million.
• Shares rose 1% in Monday trading, while institutional investors own 86.88% of the stock. Analyst sentiment remains broadly positive despite mixed recent rating changes and the company’s weak quarterly performance.

Equities research analysts at Wells Fargo & Company assumed coverage on shares of Banc of California (NYSE:BANC - Get Free Report) in a research note issued to investors on Monday. The firm set an "overweight" rating and a $23.00 price target on the bank's stock. Wells Fargo & Company's price target indicates a potential upside of 21.56% from the company's current price.

Several other research firms have also weighed in on BANC. DA Davidson reissued a "buy" rating and set a $24.00 price objective on shares of Banc of California in a research note on Tuesday, April 28th. Citigroup cut their target price on shares of Banc of California from $23.50 to $22.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Weiss Ratings raised shares of Banc of California from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. Brean Capital lowered shares of Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Banc of California from $22.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.62.

Banc of California Trading Up 1.0%

Shares of BANC stock traded up $0.19 during trading hours on Monday, reaching $18.92. The company had a trading volume of 98,064 shares, compared to its average volume of 3,018,541. Banc of California has a 1-year low of $14.35 and a 1-year high of $21.93. 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 has a market cap of $2.92 billion, a price-to-earnings ratio of -45.05 and a beta of 0.74. The company has a 50 day moving average of $20.13 and a 200 day moving average of $19.23.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS 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 company had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. During the same period last year, the firm earned $0.31 earnings per share. The firm's revenue for the quarter was down 94.0% on a year-over-year basis. On average, equities research analysts anticipate that Banc of California will post 1.68 EPS for the current year.

Insider Activity at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of the business's 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 of the company's stock, valued at approximately $640,419. The trade was a 15.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.78% of the stock is currently owned by insiders.

Institutional Trading of Banc of California

A number of institutional investors have recently modified their holdings of BANC. Navalign LLC bought a new position in shares of Banc of California during the fourth quarter worth about $27,000. Triumph Capital Management bought a new stake in Banc of California in the 3rd quarter valued at approximately $25,000. Western Wealth Management LLC acquired a new position in Banc of California during the 1st quarter worth approximately $29,000. Orion Capital Management LLC acquired a new position in Banc of California during the 4th quarter worth approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock worth $39,000 after acquiring an additional 564 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

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