Stephens Reaffirms Equal Weight Rating for Banc of California (NYSE:BANC)

Banc of California (NYSE:BANC)‘s stock had its “equal weight” rating restated by research analysts at Stephens in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $16.00 target price on the bank’s stock. Stephens’ price target suggests a potential upside of 14.70% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price target for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Wedbush decreased their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday. Truist Financial lowered their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday. Barclays decreased their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Wells Fargo & Company boosted their price target on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.64.

Banc of California Stock Performance

Banc of California stock traded down $0.14 during midday trading on Thursday, hitting $13.95. 1,903,660 shares of the company were exchanged, compared to its average volume of 2,466,962. 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 business has a fifty day simple moving average of $14.49 and a two-hundred day simple moving average of $13.32. The firm has a market capitalization of $2.19 billion, a PE ratio of -4.18 and a beta of 1.15. Banc of California has a fifty-two week low of $9.72 and a fifty-two week high of $16.08.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. During the same period in the prior year, the company earned $0.37 earnings per share. On average, sell-side analysts forecast that Banc of California will post 1.5 earnings per share for the current year.

Insider Transactions at Banc of California

In other news, Director James Andrew Barker bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director now directly owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 7.37% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in Banc of California during the 3rd quarter worth approximately $252,000. Peregrine Capital Management LLC purchased a new stake in Banc of California in the 3rd quarter worth approximately $6,373,000. Commonwealth Equity Services LLC bought a new stake in shares of Banc of California during the 3rd quarter valued at $178,000. Sippican Capital Advisors grew its position in Banc of California by 1.2% during the 3rd quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock valued at $1,425,000 after purchasing an additional 1,325 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Banc of California by 4.1% during 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. Institutional investors own 86.88% of the company’s stock.

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.