Banc of California (NYSE:BANC) PT Raised to $15.00

Banc of California (NYSE:BANC) had its price target upped by investment analysts at Truist Financial from $13.00 to $15.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s price objective would suggest a potential upside of 11.32% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company lowered their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Keefe, Bruyette & Woods dropped their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Stephens cut 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 report on Tuesday, May 14th. Wedbush decreased their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Finally, StockNews.com raised Banc of California to a “sell” rating in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $15.69.

Banc of California Stock Performance

BANC stock opened at $13.48 on Wednesday. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. 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 $2.12 billion, a price-to-earnings ratio of -4.05 and a beta of 1.14. The stock’s fifty day moving average is $13.36 and its two-hundred day moving average is $13.84.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.27% and a negative net margin of 21.99%. The firm had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. During the same quarter last year, the company earned $0.32 earnings per share. On average, research analysts predict that Banc of California will post 1.02 EPS for the current year.

Institutional Trading of Banc of California

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after buying an additional 1,582,941 shares during the period. Dimensional Fund Advisors LP boosted its position in Banc of California by 49.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after purchasing an additional 1,615,478 shares during the last quarter. PL Capital Advisors LLC grew its stake in Banc of California by 0.7% in the first quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after purchasing an additional 22,500 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after purchasing an additional 1,791,992 shares during the last quarter. Finally, William Blair Investment Management LLC raised its stake in shares of Banc of California by 42.1% during the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after purchasing an additional 762,959 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.