Robert W. Baird Has Lowered Expectations for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC - Get Free Report) had its target price reduced by Robert W. Baird from $19.00 to $17.00 in a report released on Friday,Benzinga reports. The firm currently has an "outperform" rating on the bank's stock. Robert W. Baird's price objective would suggest a potential upside of 26.02% from the stock's current price.

Several other equities analysts have also issued reports on BANC. Barclays lowered their price target on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Raymond James boosted their price objective on shares of Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a report on Friday, January 24th. Stephens cut their target price on Banc of California from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Monday, January 27th. StockNews.com raised Banc of California from a "sell" rating to a "hold" rating in a report on Friday, January 24th. Finally, Wells Fargo & Company decreased their target price on 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. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Banc of California currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.25.

Banc of California Trading Down 0.4 %

Shares of NYSE:BANC traded down $0.05 on Friday, hitting $13.49. The company had a trading volume of 2,552,578 shares, compared to its average volume of 2,659,323. The firm's 50-day simple moving average is $13.65 and its two-hundred day simple moving average is $15.18. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 24.09 and a beta of 0.85. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California has a 1 year low of $11.52 and a 1 year high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly 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. The company had revenue of $266.01 million for the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The firm's quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.19 EPS. Equities analysts anticipate that Banc of California will post 1.31 earnings per share for the current fiscal year.

Insider Transactions at Banc of California

In related news, Director James Andrew Barker purchased 10,000 shares of Banc of California stock in a transaction on Tuesday, April 29th. The shares were bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director now owns 169,680 shares in the company, valued at approximately $2,232,988.80. The trade was a 6.26 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.69% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BANC. PL Capital Advisors LLC boosted its stake in Banc of California by 1,446.0% during the fourth quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock valued at $722,823,000 after buying an additional 43,730,207 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Banc of California by 274.6% in the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock valued at $83,377,000 after purchasing an additional 3,953,380 shares in the last quarter. Millennium Management LLC raised its stake in Banc of California by 2,119.0% during the fourth quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock valued at $44,477,000 after purchasing an additional 2,747,262 shares in the last quarter. Algert Global LLC grew its stake in shares of Banc of California by 701.9% in the 4th quarter. Algert Global LLC now owns 952,674 shares of the bank's stock worth $14,728,000 after buying an additional 833,874 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its holdings in shares of Banc of California by 6.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock worth $168,716,000 after buying an additional 644,330 shares during the last quarter. Hedge funds and other 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.