DA Davidson Reaffirms Buy Rating for Banc of California (NYSE:BANC)

Key Points

• DA Davidson reiterated a "Buy" rating on Banc of California with a $24.00 price target, implying roughly a 26% upside
• The bank reported quarterly EPS of $0.39 (beating estimates by $0.01) but missed revenue expectations at $275.97 million; revenue was up 7.9% year‑over‑year and analysts forecast ~1.74 EPS for the year.
• Shares traded at $19.02 (up ~1.3%), giving a market cap of $2.85 billion and a P/E of 14.5, with a 1‑year range of $12.98–$21.61 and institutional ownership around 86.9%.

Banc of California (NYSE:BANC - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at DA Davidson in a note issued to investors on Tuesday,Benzinga reports. They currently have a $24.00 target price on the bank's stock. DA Davidson's price target would indicate a potential upside of 26.22% from the company's previous close.

A number of other research firms also recently issued reports on BANC. Wall Street Zen raised Banc of California from a "sell" rating to a "hold" rating in a research report on Saturday, January 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Banc of California in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods boosted their price target on Banc of California from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. boosted their price target on Banc of California from $20.50 to $22.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Wells Fargo & Company boosted their price target on Banc of California from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $21.83.

Banc of California Trading Up 1.3%

Shares of NYSE:BANC traded up $0.24 during midday trading on Tuesday, reaching $19.02. The company's stock had a trading volume of 628,718 shares, compared to its average volume of 2,953,240. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 14.50 and a beta of 0.74. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 1 year low of $12.98 and a 1 year high of $21.61. The business has a 50 day moving average price of $18.10 and a 200 day moving average price of $18.57.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $275.97 million during the quarter, compared to the consensus estimate of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 earnings per share. Research analysts forecast that Banc of California will post 1.74 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BANC. Triumph Capital Management lifted its stake in shares of Banc of California by 32.8% in the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank's stock worth $39,000 after acquiring an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Banc of California by 38.7% in the fourth 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. Amalgamated Bank lifted its stake in shares of Banc of California by 1.6% in the third quarter. Amalgamated Bank now owns 37,460 shares of the bank's stock worth $620,000 after acquiring an additional 585 shares in the last quarter. Crescent Grove Advisors LLC lifted its stake in shares of Banc of California by 0.6% in the fourth quarter. Crescent Grove Advisors LLC now owns 101,750 shares of the bank's stock worth $1,973,000 after acquiring an additional 610 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of Banc of California by 4.5% in the fourth quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank's stock worth $283,000 after acquiring an additional 637 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

About Banc of California

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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