Banc of California (NYSE:BANC) PT Raised to $17.00

Banc of California (NYSE:BANC) had its price target hoisted by equities researchers at Barclays from $16.00 to $17.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective points to a potential upside of 10.03% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Citigroup started coverage on Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research report on Tuesday, September 17th. Stephens reissued an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research note on Wednesday, September 4th. Wells Fargo & Company raised their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Wedbush upgraded Banc of California from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.20.

Banc of California Price Performance

Shares of NYSE:BANC opened at $15.45 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a 50-day simple moving average of $14.44 and a 200 day simple moving average of $13.91. Banc of California has a fifty-two week low of $10.03 and a fifty-two week high of $15.69. The company has a market cap of $2.43 billion, a PE ratio of -4.64 and a beta of 1.14.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the prior year, the company earned $0.30 earnings per share. On average, sell-side analysts anticipate that Banc of California will post 0.61 EPS for the current year.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 7.37% of the stock is owned by insiders.

Institutional Trading of Banc of California

Hedge funds and other institutional investors have recently made changes to their positions in the business. Riverview Trust Co acquired a new position in Banc of California in the first quarter worth approximately $29,000. Future Financial Wealth Managment LLC bought a new stake in shares of Banc of California during the 1st quarter worth $30,000. Fifth Third Bancorp grew its holdings in shares of Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after acquiring an additional 734 shares during the last quarter. Finally, Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California during the second quarter worth $102,000. 86.88% of the stock is currently owned by institutional investors.

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.