Keefe, Bruyette & Woods Reaffirms "Outperform" Rating for Banc of California (NYSE:BANC)

Key Points

• Keefe, Bruyette & Woods has reaffirmed an "outperform" rating for Banc of California (NYSE:BANC) with a target price of $18.00, indicating a potential upside of 23.34% from the last close.
• The stock has seen mixed ratings from various analysts, with a consensus of "Moderate Buy" and an average target price of $17.17.
• Recent trading activities show insider movements, including Director James Andrew Barker buying 10,000 shares, while other insiders sold a total of 86,000 shares in the last 90 days.

Banc of California (NYSE:BANC - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities research analysts at Keefe, Bruyette & Woods in a research note issued on Friday,Benzinga reports. They currently have a $18.00 target price on the bank's stock, up from their prior target price of $17.00. Keefe, Bruyette & Woods' target price would indicate a potential upside of 23.34% from the company's previous close.

A number of other research firms have also commented on BANC. Robert W. Baird dropped their price objective on Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Stephens reissued an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Jefferies Financial Group began coverage on Banc of California in a research report on Wednesday, May 21st. They set a "buy" rating and a $18.00 target price on the stock. Wells Fargo & Company decreased their target price on Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lifted their target price on Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Banc of California has a consensus rating of "Moderate Buy" and an average price target of $17.17.

Banc of California Price Performance

BANC opened at $14.59 on Friday. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 22.45 and a beta of 0.67. Banc of California has a 1 year low of $11.52 and a 1 year high of $18.08. 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 stock has a fifty day moving average price of $14.21 and a 200 day moving average price of $14.38.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.03. The company had revenue of $272.85 million for the quarter, compared to analyst estimates of $278.43 million. Banc of California had a return on equity of 7.32% and a net margin of 8.30%. The business's revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $0.12 earnings per share. Analysts forecast that Banc of California will post 1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James Andrew Barker bought 10,000 shares of the stock in a transaction on Tuesday, April 29th. The stock was purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director owned 169,680 shares in the company, valued at approximately $2,232,988.80. This trade represents a 6.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Olivia I. Lindsay sold 11,000 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $13.58, for a total transaction of $149,380.00. Following the completion of the sale, the insider owned 30,902 shares of the company's stock, valued at $419,649.16. This trade represents a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,000 shares of company stock worth $1,208,000. Corporate insiders own 2.69% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BANC. GAMMA Investing LLC increased its holdings in shares of Banc of California by 22.2% during the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank's stock worth $59,000 after buying an additional 762 shares in the last quarter. Summit Securities Group LLC bought a new stake in Banc of California during the fourth quarter valued at $97,000. New Age Alpha Advisors LLC bought a new stake in Banc of California during the fourth quarter valued at $102,000. CWM LLC raised its holdings in shares of Banc of California by 41.7% during 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 during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Banc of California during the first quarter valued at about $123,000. 86.88% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.