Banc of California (NYSE:BANC) Price Target Cut to $19.00

Banc of California (NYSE:BANC - Free Report) had its target price reduced by Piper Sandler from $20.00 to $19.00 in a report released on Monday morning, Benzinga reports. They currently have an overweight rating on the bank's stock.

BANC has been the topic of a number of other reports. Wedbush decreased their price objective on shares of Banc of California from $16.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday, April 24th. StockNews.com raised Banc of California to a sell rating in a report on Thursday, April 25th. Truist Financial dropped their price objective on Banc of California from $16.00 to $15.00 and set a hold rating for the company in a research report on Thursday, April 25th. Wells Fargo & Company lifted their target price on Banc of California from $14.00 to $16.00 and gave the company an equal weight rating in a research report on Wednesday, April 10th. Finally, Barclays dropped their target price on shares of Banc of California from $16.00 to $15.00 and set an equal weight rating for the company in a report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Banc of California currently has an average rating of Hold and an average target price of $16.94.

Banc of California Price Performance

Shares of NYSE BANC traded down $1.57 during mid-day trading on Monday, reaching $13.51. The company had a trading volume of 8,557,576 shares, compared to its average volume of 2,490,487. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -4.06 and a beta of 1.17. The business's 50-day simple moving average is $14.50 and its 200 day simple moving average is $13.54. Banc of California has a one year low of $9.96 and a one year high of $16.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) 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 analyst estimates 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 company earned $0.37 earnings per share. On average, research analysts predict that Banc of California will post 1.29 earnings per share for the current fiscal year.

Insider Activity

In other news, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction on Wednesday, February 14th. 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 now owns 159,680 shares in the company, valued at $2,101,388.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director James Andrew Barker purchased 10,000 shares of the business's stock in a transaction on Wednesday, February 14th. The shares were acquired at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the transaction, the director now owns 159,680 shares of the company's stock, valued at approximately $2,101,388.80. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jared M. Wolff bought 7,130 shares of the business's stock in a transaction that occurred on Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the transaction, the chief executive officer now owns 268,695 shares in the company, valued at $3,756,356.10. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 27,130 shares of company stock valued at $445,277. Company insiders own 7.37% of the company's stock.

Hedge Funds Weigh In On Banc of California

Several institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc increased its holdings in Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank's stock worth $26,000 after purchasing an additional 1,825 shares in the last quarter. Riverview Trust Co purchased a new stake in Banc of California in the 1st quarter valued at $29,000. Future Financial Wealth Managment LLC bought a new position in Banc of California during the 1st quarter valued at $30,000. Lee Financial Co bought a new position in shares of Banc of California during the 4th quarter valued at approximately $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in shares of Banc of California during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 86.88% of the company's stock.

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.