Banc of California (NYSE:BANC) Price Target Cut to $15.00

Banc of California (NYSE:BANC) had its price target decreased by equities researchers at Wedbush from $16.00 to $15.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Wedbush’s price objective points to a potential upside of 7.60% from the stock’s current price.

Other research analysts have also issued research reports about the company. Truist Financial reissued a “hold” rating and issued a $16.00 target price on shares of Banc of California in a research report on Monday, April 1st. StockNews.com assumed coverage on Banc of California in a research report on Monday, January 29th. They set a “hold” rating for the company. Barclays assumed coverage on Banc of California in a research report on Friday, March 8th. They set an “equal weight” rating and a $16.00 price objective for the company. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Finally, Wells Fargo & Company raised their price objective on 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. Five research 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, the company currently has an average rating of “Hold” and a consensus target price of $16.93.

Banc of California Trading Down 1.8 %

NYSE BANC opened at $13.94 on Wednesday. Banc of California has a fifty-two week low of $9.72 and a fifty-two week 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 0.90. The stock has a 50 day simple moving average of $14.49 and a two-hundred day simple moving average of $13.32. The stock has a market cap of $2.19 billion, a P/E ratio of -4.41 and a beta of 1.15.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The firm had revenue of $193.06 million during the quarter, compared to the consensus estimate of $163.11 million. During the same period in the prior year, the company posted $0.45 EPS. On average, analysts forecast that Banc of California will post 1.5 earnings per share for the current year.

Insider Buying and Selling at Banc of California

In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total transaction of $149,700.00. Following the sale, the insider now directly owns 24,979 shares in the company, valued at approximately $373,935.63. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 7.37% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Institutional investors and hedge funds have recently modified their holdings of the company. Versant Capital Management Inc boosted its stake in shares of Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares during the last quarter. Riverview Trust Co purchased a new position in Banc of California during the first quarter valued at $29,000. Future Financial Wealth Managment LLC purchased a new position in Banc of California during the first quarter valued at $30,000. Lee Financial Co purchased a new position in Banc of California during the fourth quarter valued at $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new position in Banc of California during the fourth quarter valued at $41,000. 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.