Banc of California (NYSE:BANC) Price Target Lowered to $19.00 at Barclays

Banc of California (NYSE:BANC) had its price objective lowered by investment analysts at Barclays from $20.00 to $19.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s price target suggests a potential upside of 20.84% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Raymond James upped their target price on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price target on Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. DA Davidson increased their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Citigroup began coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price for the company. Finally, Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.00.

Banc of California Trading Down 2.2 %

NYSE:BANC opened at $15.72 on Friday. The firm has a market capitalization of $2.50 billion, a PE ratio of -3.68 and a beta of 1.14. Banc of California has a 12 month low of $11.88 and a 12 month high of $18.08. The business’s 50-day moving average is $16.17 and its two-hundred day moving average is $15.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. Research analysts predict that Banc of California will post 0.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Banc of California

Large investors have recently bought and sold shares of the stock. Verition Fund Management LLC increased its position in Banc of California by 93.2% during the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock valued at $36,477,000 after buying an additional 1,194,839 shares in the last quarter. Hodges Capital Management Inc. increased its position in Banc of California by 3.7% in the third quarter. Hodges Capital Management Inc. now owns 2,060,285 shares of the bank’s stock worth $30,348,000 after buying an additional 74,039 shares in the last quarter. Basswood Capital Management L.L.C. lifted its holdings in Banc of California by 589.8% during the third quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock valued at $25,526,000 after purchasing an additional 1,481,692 shares in the last quarter. Wellington Management Group LLP bought a new position in Banc of California in the 3rd quarter worth $21,207,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Banc of California by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock worth $18,169,000 after purchasing an additional 44,951 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.