Truist Financial Lowers Banc of California (NYSE:BANC) Price Target to $15.00

Banc of California (NYSE:BANC - Get Free Report) had its price target lowered by research analysts at Truist Financial from $16.00 to $15.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a "hold" rating on the bank's stock. Truist Financial's price objective points to a potential upside of 6.46% from the stock's previous close.

A number of other research firms also recently weighed in on BANC. StockNews.com started coverage on Banc of California in a research report on Monday, January 29th. They set a "hold" rating for the company. Wells Fargo & Company lifted their price objective on Banc of California from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 10th. Barclays decreased their price objective on Banc of California from $16.00 to $15.00 and set an "equal weight" rating for the company in a research note on Wednesday. Wedbush decreased their price objective on Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday. Finally, Keefe, Bruyette & Woods raised Banc of California from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Banc of California currently has a consensus rating of "Hold" and a consensus target price of $16.64.

Banc of California Price Performance

BANC remained flat at $14.09 during trading on Thursday. The company's stock had a trading volume of 3,181,820 shares, compared to its average volume of 2,485,818. The company has a market capitalization of $2.22 billion, a PE ratio of -4.23 and a beta of 1.15. Banc of California has a 52-week low of $9.72 and a 52-week high of $16.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The company's 50 day moving average price is $14.50 and its 200 day moving average price is $13.32.

Banc of California (NYSE:BANC - Get Free Report) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.07). The firm had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the previous year, the firm earned $0.37 EPS. On average, sell-side analysts forecast that Banc of California will post 1.5 earnings per share for the current year.

Insider Activity

In other news, Director James Andrew Barker purchased 10,000 shares of the business's stock in a transaction dated Wednesday, February 14th. The shares were bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the acquisition, the director now directly owns 159,680 shares in the company, valued at approximately $2,101,388.80. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 7.37% of the company's stock.

Institutional Trading of Banc of California

Several institutional investors and hedge funds have recently bought and sold shares of BANC. South Dakota Investment Council raised its stake in Banc of California by 238.8% in the fourth quarter. South Dakota Investment Council now owns 571,063 shares of the bank's stock valued at $7,669,000 after buying an additional 402,498 shares during the period. Crescent Grove Advisors LLC acquired a new position in shares of Banc of California in the fourth quarter valued at approximately $1,303,000. New York State Teachers Retirement System grew its position in shares of 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 valued at $1,072,000 after purchasing an additional 66,739 shares during the last quarter. Peregrine Capital Management LLC grew its position in shares of Banc of California by 22.2% in the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank's stock valued at $8,447,000 after purchasing an additional 114,173 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Banc of California in the fourth quarter valued at approximately $1,488,000. 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.