Banc of California (NYSE:BANC) Price Target Lowered to $14.00 at Stephens

Banc of California (NYSE:BANC) had its price target cut by research analysts at Stephens from $15.00 to $14.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Stephens’ target price points to a potential upside of 6.87% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods reduced their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Wells Fargo & Company reduced their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. DA Davidson reduced their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Barclays reduced their price target on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, Truist Financial upped their price objective on Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and an average price target of $15.69.

Banc of California Trading Down 5.3 %

NYSE:BANC traded down $0.73 on Wednesday, reaching $13.10. The company’s stock had a trading volume of 1,921,964 shares, compared to its average volume of 2,415,795. Banc of California has a 1-year low of $9.96 and a 1-year high of $16.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $2.06 billion, a PE ratio of -3.93 and a beta of 1.14. The business’s 50-day moving average price is $13.39 and its two-hundred day moving average price is $13.85.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). The firm had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period in the prior year, the company earned $0.32 earnings per share. Equities research analysts anticipate that Banc of California will post 1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Banc of California

In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of Banc of California stock in a transaction on Thursday, April 25th. The shares were purchased at an average price of $13.98 per share, with a total value of $99,677.40. Following the acquisition, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Banc of California by 143.4% during the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after acquiring an additional 5,311,842 shares in the last quarter. Capital Research Global Investors acquired a new stake in shares of Banc of California during the 1st quarter valued at $32,618,000. Bayview Asset Management LLC acquired a new stake in shares of Banc of California during the 4th quarter valued at $27,297,000. Goldman Sachs Group Inc. boosted its holdings in shares of Banc of California by 148.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after acquiring an additional 1,791,992 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Banc of California by 345.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after acquiring an additional 1,777,330 shares in the last quarter. 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.