Banc of California (NYSE:BANC) Given New $15.00 Price Target at Barclays

Banc of California (NYSE:BANC - Get Free Report) had its price target cut by research analysts at Barclays from $16.00 to $15.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the bank's stock. Barclays's price objective would indicate a potential upside of 6.53% from the company's current price.

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company raised their price target on shares of Banc of California from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 10th. Keefe, Bruyette & Woods raised shares of Banc of California from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. StockNews.com started coverage on shares of Banc of California in a report on Monday, January 29th. They issued a "hold" rating on the stock. Wedbush cut their price target on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday. Finally, Truist Financial reissued a "hold" rating and issued a $16.00 price target on shares of Banc of California in a report on Monday, April 1st. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Banc of California presently has a consensus rating of "Hold" and a consensus price target of $16.79.

Banc of California Price Performance

Shares of Banc of California stock traded up $0.13 on Wednesday, hitting $14.08. 3,730,342 shares of the company traded hands, compared to its average volume of 2,477,006. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 12-month low of $9.72 and a 12-month high of $16.08. The firm's 50-day simple moving average is $14.49 and its 200 day simple moving average is $13.32. The company has a market cap of $2.21 billion, a P/E ratio of -4.46 and a beta of 1.15.

Banc of California (NYSE:BANC - Get Free Report) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The business had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period in the prior year, the business posted $0.37 EPS. Analysts expect that Banc of California will post 1.5 earnings per share for the current fiscal year.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley purchased 10,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average cost of $21.40 per share, with a total value of $214,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $214,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 7.37% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Crescent Grove Advisors LLC purchased a new position in Banc of California during the 4th quarter valued at about $1,303,000. New York State Teachers Retirement System raised its holdings in Banc of California by 510.7% in the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank's stock worth $1,072,000 after buying an additional 66,739 shares during the last quarter. Peregrine Capital Management LLC raised its holdings in Banc of California by 22.2% in the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank's stock worth $8,447,000 after buying an additional 114,173 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in Banc of California in the fourth quarter worth about $1,488,000. Finally, JCSD Capital LLC raised its holdings in Banc of California by 76.0% in the fourth quarter. JCSD Capital LLC now owns 243,117 shares of the bank's stock worth $3,265,000 after buying an additional 105,000 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.