Banc of California (NYSE:BANC) Given New $22.00 Price Target at Piper Sandler

Banc of California (NYSE:BANC) had its price objective cut by Piper Sandler from $25.00 to $22.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Piper Sandler’s price objective would suggest a potential upside of 24.20% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods lifted their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Wells Fargo & Company upped their price objective on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. dropped their target price on shares of Banc of California from $25.00 to $20.50 and set an “overweight” rating on the stock in a research report on Wednesday. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.45.

Banc of California Stock Performance

NYSE BANC opened at $17.71 on Thursday. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 15.01 and a beta of 0.74. Banc of California has a twelve month low of $11.52 and a twelve month high of $21.61. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average of $18.76 and a 200 day moving average of $18.37.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, beating the consensus estimate of $0.37 by $0.05. The company had revenue of $292.93 million for the quarter, compared to analyst estimates of $288.41 million. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.During the same period last year, the company earned $0.28 earnings per share. Sell-side analysts anticipate that Banc of California will post 1.31 EPS for the current fiscal year.

Institutional Trading of Banc of California

Hedge funds have recently bought and sold shares of the business. Navalign LLC acquired a new position in shares of Banc of California during the 4th quarter worth approximately $27,000. Triumph Capital Management purchased a new position in Banc of California during the third quarter worth approximately $25,000. Orion Capital Management LLC purchased a new position in Banc of California during the fourth quarter worth approximately $35,000. EverSource Wealth Advisors LLC boosted its stake in Banc of California by 38.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after buying an additional 564 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in Banc of California by 199.0% during the fourth quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock worth $42,000 after buying an additional 1,437 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.