Banc of California (NYSE:BANC - Get Free Report)'s stock had its "equal weight" rating reaffirmed by Stephens in a research report issued on Thursday, Benzinga reports. They presently have a $16.00 target price on the bank's stock. Stephens' target price would indicate a potential upside of 13.56% from the stock's current price.
A number of other brokerages have also commented on BANC. Wells Fargo & Company boosted their price objective on Banc of California from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 10th. StockNews.com started coverage on shares of Banc of California in a report on Monday, January 29th. They set a "hold" rating on the stock. Truist Financial lowered their target price on shares of Banc of California from $16.00 to $15.00 and set a "hold" rating for the company in a report on Thursday. 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, Keefe, Bruyette & Woods raised Banc of California from a "market perform" rating to an "outperform" rating and upped their target price for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Banc of California presently has an average rating of "Hold" and an average price target of $16.64.
View Our Latest Stock Analysis on BANC
Banc of California Stock Performance
NYSE BANC remained flat at $14.09 on Thursday. 3,181,820 shares of the company traded hands, compared to its average volume of 2,485,818. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $2.22 billion, a P/E ratio of -4.23 and a beta of 1.15. The stock's 50 day moving average is $14.50 and its two-hundred day moving average is $13.32. Banc of California has a fifty-two week low of $9.72 and a fifty-two week high of $16.08.
Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The firm had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. During the same period in the previous year, the firm earned $0.37 earnings per share. On average, analysts expect that Banc of California will post 1.5 earnings per share for the current year.
Insider Buying and Selling at Banc of California
In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the company's stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the sale, the insider now directly owns 24,979 shares of the company's stock, valued at $373,935.63. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 7.37% of the company's stock.
Institutional Investors Weigh In On Banc of California
A number of institutional investors and hedge funds have recently modified their holdings of BANC. Versant Capital Management Inc boosted its holdings in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank's stock valued at $26,000 after purchasing an additional 1,825 shares during the period. Riverview Trust Co purchased a new stake in shares of Banc of California in the first quarter worth $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the first quarter valued at $30,000. Lee Financial Co purchased a new position in Banc of California during the fourth quarter worth about $40,000. Finally, Longfellow Investment Management Co. LLC bought a new position in Banc of California in the 4th quarter worth about $41,000. 86.88% of the stock is owned by hedge funds and other institutional investors.
About Banc of California
(
Get Free Report)
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.
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