Banc of California (NYSE:BANC) Price Target Raised to $21.00 at DA Davidson

Key Points

• DA Davidson has raised its price target for Banc of California (NYSE:BANC) from $20.00 to $21.00, indicating a potential upside of 23.71% from the current trading price.
• A total of seven brokerages have rated the stock as a "Buy" while one has given it a "Strong Buy" rating, reflecting positive sentiment among analysts.
• Banc of California's stock has seen an increase of 2.6% recently, with shares trading at $16.98 and a market capitalization of $2.51 billion.

Banc of California (NYSE:BANC - Get Free Report) had its target price lifted by stock analysts at DA Davidson from $20.00 to $21.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. DA Davidson's price target indicates a potential upside of 23.71% from the stock's current price.

A number of other brokerages also recently commented on BANC. Weiss Ratings reissued a "hold (c)" rating on shares of Banc of California in a research report on Friday. Barclays boosted their price objective on Banc of California from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Raymond James Financial raised Banc of California from an "outperform" rating to a "strong-buy" rating in a research report on Tuesday, October 7th. Wells Fargo & Company boosted their price objective on Banc of California from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. Finally, JPMorgan Chase & Co. boosted their price objective on Banc of California from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.00.

Banc of California Stock Up 2.6%

Shares of NYSE BANC traded up $0.44 during midday trading on Friday, hitting $16.98. The company's stock had a trading volume of 4,553,672 shares, compared to its average volume of 2,612,593. The business's fifty day simple moving average is $16.66 and its two-hundred day simple moving average is $14.94. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88. Banc of California has a 1 year low of $11.52 and a 1 year high of $18.24. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 16.32 and a beta of 0.68.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Monday, May 13th. The bank reported $1.03 EPS for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 7.99%. The business had revenue of $315.66 million during the quarter. On average, equities analysts predict that Banc of California will post 1.31 EPS for the current year.

Insider Transactions at Banc of California

In related news, insider Hamid Hussain sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the transaction, the insider directly owned 66,444 shares of the company's stock, valued at $1,102,305.96. This represents a 23.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Banc of California

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its holdings in Banc of California by 22.2% in the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank's stock valued at $59,000 after purchasing an additional 762 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in Banc of California by 210.8% in the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock valued at $82,000 after purchasing an additional 3,940 shares in the last quarter. CWM LLC boosted its holdings in Banc of California by 41.7% in the first quarter. CWM LLC now owns 8,049 shares of the bank's stock valued at $114,000 after purchasing an additional 2,367 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Banc of California in the first quarter valued at approximately $123,000. Finally, Xponance Inc. purchased a new stake in Banc of California in the first quarter valued at approximately $148,000. 86.88% of the stock is 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.

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