Banc of California (NYSE:BANC) Price Target Increased to $17.00 by Analysts at Raymond James

Banc of California (NYSE:BANC) had its price objective boosted by equities research analysts at Raymond James from $16.00 to $17.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Raymond James’ price target would indicate a potential upside of 10.82% from the stock’s current price.

BANC has been the topic of a number of other reports. Barclays boosted their price objective on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. Truist Financial increased their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Wells Fargo & Company lifted their price objective 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. Stephens reiterated an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.65.

Banc of California Trading Down 0.5 %

Shares of NYSE BANC opened at $15.34 on Wednesday. The stock has a market cap of $2.41 billion, a P/E ratio of -4.61 and a beta of 1.14. The firm has a 50 day moving average price of $14.35 and a two-hundred day moving average price of $13.88. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.64.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The firm had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same period in the previous year, the business earned $0.30 EPS. As a group, equities analysts forecast that Banc of California will post 0.61 EPS for the current year.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after buying an additional 5,311,842 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Banc of California by 54.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank’s stock worth $206,000 after purchasing an additional 5,412 shares in the last quarter. Global Assets Advisory LLC purchased a new stake in Banc of California during the 1st quarter valued at about $741,000. Riverview Trust Co purchased a new stake in Banc of California during the 1st quarter valued at about $29,000. Finally, Future Financial Wealth Managment LLC bought a new position in Banc of California during the 1st quarter valued at approximately $30,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Company Profile

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.