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

Banc of California (NYSE:BANC) had its target price cut by equities researchers at Truist Financial from $16.00 to $15.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s price objective indicates a potential upside of 8.15% from the company’s current price.

A number of other research firms have also recently commented on BANC. Barclays decreased their target price 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. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Wedbush decreased their target price 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. Wells Fargo & Company increased 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 report on Wednesday, April 10th. Finally, StockNews.com assumed coverage on shares of Banc of California in a research report on Monday, January 29th. They set a “hold” rating on the stock. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Banc of California has a consensus rating of “Hold” and an average target price of $16.75.

Banc of California Trading Down 1.6 %

Shares of BANC traded down $0.22 during mid-day trading on Thursday, reaching $13.87. The stock had a trading volume of 1,320,129 shares, compared to its average volume of 2,460,818. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a 52-week low of $9.72 and a 52-week high of $16.08. The business’s fifty day moving average is $14.49 and its 200 day moving average is $13.32. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -4.17 and a beta of 1.15.

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

Insider Activity at Banc of California

In related news, insider Robert G. Dyck sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total value of $149,700.00. Following the sale, the insider now owns 24,979 shares of the company’s stock, valued at $373,935.63. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 7.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

Several hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in Banc of California by 4.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after purchasing an additional 955 shares during the last quarter. Truist Financial Corp grew its position in shares of Banc of California by 9.8% during the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after acquiring an additional 1,223 shares during the last quarter. Sippican Capital Advisors grew its position in shares of Banc of California by 1.2% during the third quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock worth $1,425,000 after acquiring an additional 1,325 shares during the last quarter. Versant Capital Management Inc grew its position in shares of Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares during the last quarter. Finally, Riverview Trust Co purchased a new position in shares of Banc of California during the first quarter worth approximately $29,000. 86.88% of the stock is currently owned by hedge funds and other 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.