Piper Sandler Has Lowered Expectations for Banc of California (NYSE:BANC) Stock Price

Key Points

• Piper Sandler lowered its price target on Banc of California from $25 to $22 but kept an "overweight" rating, implying about a 24.2% upside; the street average rating is "Moderate Buy" with a mean target of $20.45.
• Banc of California beat quarterly estimates with $0.42 EPS vs. $0.37 expected and $292.9M revenue vs. $288.4M expected, while the stock trades near $17.71 with a $2.66B market cap and a P/E of 15.01.
• Institutional ownership is high at 86.88%, with notable recent stake increases from firms such as Goldman Sachs and AQR Capital Management.

Banc of California (NYSE:BANC - Get Free Report) had its price target dropped by analysts at Piper Sandler from $25.00 to $22.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Piper Sandler's price target would suggest a potential upside of 24.20% from the company's current price.

Several other analysts also recently weighed in on the company. Keefe, Bruyette & Woods boosted their price target on Banc of California from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Friday, January 23rd. JPMorgan Chase & Co. decreased their target price on Banc of California from $25.00 to $20.50 and set an "overweight" rating for the company in a report on Wednesday. Wells Fargo & Company upped their target price on Banc of California from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Monday. Barclays increased their price target on shares of Banc of California from $21.00 to $25.00 and gave the stock an "overweight" rating in a report on Friday, December 19th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Banc of California in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $20.45.

Banc of California Stock Up 0.8%

NYSE:BANC opened at $17.71 on Thursday. The company's 50-day simple moving average is $18.76 and its 200-day simple moving average is $18.37. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California has a fifty-two week low of $11.52 and a fifty-two week high of $21.61. The stock has a market capitalization of $2.66 billion, a P/E ratio of 15.01 and a beta of 0.74.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.05. The firm had revenue of $292.93 million during the quarter, compared to analysts' expectations of $288.41 million. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.During the same quarter last year, the firm earned $0.28 EPS. On average, equities analysts anticipate that Banc of California will post 1.31 earnings per share for the current fiscal year.

Institutional Trading of Banc of California

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada lifted its holdings in Banc of California by 9.4% in the first quarter. Royal Bank of Canada now owns 74,043 shares of the bank's stock valued at $1,050,000 after acquiring an additional 6,364 shares during the period. AQR Capital Management LLC lifted its stake in shares of Banc of California by 209.4% in the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank's stock valued at $1,462,000 after purchasing an additional 69,739 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Banc of California by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank's stock valued at $1,173,000 after purchasing an additional 3,611 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank's stock worth $53,879,000 after buying an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Banc of California by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank's stock valued at $6,270,000 after buying an additional 4,263 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

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