Banc of California (NYSE:BANC) Price Target Lowered to $15.00 at Truist Financial

Banc of California (NYSE:BANC) had its price objective dropped by equities research analysts at Truist Financial from $16.00 to $15.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s target price would suggest a potential upside of 4.75% from the stock’s previous close.

Several other analysts also recently commented on BANC. Wedbush cut their price objective on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday. Barclays cut 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 report on Wednesday. Wells Fargo & Company increased their price objective on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Finally, StockNews.com started coverage on shares of Banc of California in a research report on Monday, January 29th. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.64.

Banc of California Price Performance

Shares of Banc of California stock opened at $14.32 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $14.49 and a 200 day moving average of $13.34. Banc of California has a 1 year low of $9.72 and a 1 year high of $16.08.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) 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 business had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. During the same quarter in the previous year, the business earned $0.37 earnings per share. As a group, analysts anticipate that Banc of California will post 1.37 EPS for the current fiscal year.

Insider Activity

In related news, Director James Andrew Barker purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were purchased at an average price of $13.16 per share, with a total value of $131,600.00. Following the acquisition, the director now directly owns 159,680 shares in the company, valued at approximately $2,101,388.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Banc of California news, Director James Andrew Barker acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were bought at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the acquisition, the director now owns 159,680 shares in the company, valued at approximately $2,101,388.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jared M. Wolff acquired 7,130 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the acquisition, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The disclosure for this purchase can be found here. Insiders have purchased a total of 27,130 shares of company stock valued at $445,277 in the last 90 days. 7.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in BANC. South Dakota Investment Council raised its stake 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 worth $7,669,000 after acquiring an additional 402,498 shares during the period. Crescent Grove Advisors LLC bought a new stake in shares of Banc of California during the fourth quarter valued at approximately $1,303,000. New York State Teachers Retirement System increased its position in Banc of California by 510.7% in the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock worth $1,072,000 after purchasing an additional 66,739 shares during the last quarter. Peregrine Capital Management LLC increased its position in Banc of California by 22.2% in the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock worth $8,447,000 after purchasing an additional 114,173 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in Banc of California in the fourth quarter worth $1,488,000. Hedge funds and other institutional investors 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.