Keefe, Bruyette & Woods Trims Banc of California (NYSE:BANC) Target Price to $17.00

Banc of California (NYSE:BANCGet Free Report) had its price target dropped by equities research analysts at Keefe, Bruyette & Woods from $18.00 to $17.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 32.81% from the company’s previous close.

Several other research firms have also recently commented on BANC. DA Davidson lowered their target price on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research note on Wednesday, May 15th. Truist Financial decreased their price target on shares of Banc of California from $15.00 to $13.00 and set a “hold” rating on the stock in a report on Monday. Wedbush decreased their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. StockNews.com upgraded shares of Banc of California to a “sell” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company decreased their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Banc of California currently has an average rating of “Hold” and an average price target of $15.81.

Check Out Our Latest Research Report on BANC

Banc of California Stock Up 2.2 %

BANC stock opened at $12.80 on Tuesday. The stock has a market capitalization of $2.01 billion, a P/E ratio of -3.84 and a beta of 1.14. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California has a one year low of $9.96 and a one year high of $16.08. The company has a 50 day moving average price of $13.46 and a two-hundred day moving average price of $13.79.

Banc of California (NYSE:BANCGet Free Report) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $522.57 million during the quarter, compared to analysts’ expectations of $296.02 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 previous year, the firm posted $0.37 earnings per share. As a group, sell-side analysts expect that Banc of California will post 1.04 EPS for the current year.

Insider Activity 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 that occurred on Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the acquisition, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its holdings in 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 in the last quarter. Riverview Trust Co acquired a new position in Banc of California in the 1st quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California in the 1st quarter worth $30,000. Lee Financial Co acquired a new position in Banc of California in the 4th quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in Banc of California in the 4th quarter worth $41,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Banc of California (NYSE:BANC)

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