Banc of California (NYSE:BANC) Price Target Cut to $15.00 by Analysts at Barclays

Banc of California (NYSE:BANC) had its price objective cut by investment analysts at Barclays from $16.00 to $15.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s target price would indicate a potential upside of 9.25% from the stock’s previous close.

BANC has been the topic of several other reports. StockNews.com assumed coverage on shares of Banc of California in a report on Monday, January 29th. They set a “hold” rating on the stock. 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 stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Wells Fargo & Company lifted their price target on shares of 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. Truist Financial reaffirmed a “hold” rating and issued a $16.00 target price on shares of Banc of California in a report on Monday, April 1st. Finally, Wedbush lowered their price objective on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.79.

Banc of California Trading Down 1.6 %

Shares of BANC traded down $0.22 during midday trading on Wednesday, hitting $13.73. 1,430,261 shares of the stock were exchanged, compared to its average volume of 2,446,919. Banc of California has a 52-week low of $9.72 and a 52-week high of $16.08. The stock has a fifty day simple moving average of $14.49 and a 200 day simple moving average of $13.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a market cap of $2.16 billion, a P/E ratio of -4.34 and a beta of 1.15.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same quarter last year, the firm earned $0.37 earnings per share. On average, research analysts anticipate that Banc of California will post 1.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Banc of California news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were acquired at an average cost of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director now owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several institutional investors and hedge funds have recently made changes to their positions in BANC. Crescent Grove Advisors LLC bought a new position in shares of Banc of California in the 4th quarter valued at $1,303,000. New York State Teachers Retirement System grew its stake 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 last quarter. Peregrine Capital Management LLC raised its holdings in Banc of California by 22.2% in the 4th quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after acquiring an additional 114,173 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Banc of California in the 4th quarter valued at $1,488,000. Finally, JCSD Capital LLC boosted its holdings in Banc of California by 76.0% during the fourth quarter. JCSD Capital LLC now owns 243,117 shares of the bank’s stock worth $3,265,000 after buying an additional 105,000 shares in the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

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.