Banc of California (NYSE:BANC) PT Lowered to $15.00 at Wedbush

Banc of California (NYSE:BANC) had its price objective decreased by investment analysts at Wedbush from $16.00 to $15.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Wedbush’s price target suggests a potential upside of 6.46% from the company’s previous close.

BANC has been the subject of several other research reports. Wells Fargo & Company boosted their target price on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. StockNews.com began coverage on Banc of California in a research note on Monday, January 29th. They set a “hold” rating for the company. Barclays began coverage on Banc of California in a research note on Friday, March 8th. They set an “equal weight” rating and a $16.00 target price for the company. Finally, Truist Financial reissued a “hold” rating and set a $16.00 target price on shares of Banc of California in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Banc of California has a consensus rating of “Hold” and an average target price of $16.64.

Banc of California Stock Performance

BANC opened at $14.09 on Wednesday. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08. The company has a 50-day simple moving average of $14.50 and a 200 day simple moving average of $13.32. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -4.23 and a beta of 1.15.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The firm had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period in the prior year, the company earned $0.37 EPS. Analysts predict that Banc of California will post 1.5 EPS for the current fiscal year.

Insider Activity

In other news, insider Robert G. Dyck sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the transaction, the insider now owns 24,979 shares of the company’s stock, valued at $373,935.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 7.37% of the stock is currently owned by insiders.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. South Dakota Investment Council increased its position in Banc of California by 238.8% during the 4th quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock valued at $7,669,000 after purchasing an additional 402,498 shares during the period. Crescent Grove Advisors LLC acquired a new stake in Banc of California during the 4th quarter valued at approximately $1,303,000. New York State Teachers Retirement System increased its position in Banc of California by 510.7% during the 4th quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock valued at $1,072,000 after purchasing an additional 66,739 shares during the period. Peregrine Capital Management LLC increased its position in Banc of California by 22.2% during the 4th quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after purchasing an additional 114,173 shares during the period. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in Banc of California during the 4th quarter valued at approximately $1,488,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.