Banc of California (NYSE:BANC) Stock Price Expected to Rise, Barclays Analyst Says

Banc of California (NYSE:BANC) had its price target raised by equities researchers at Barclays from $22.00 to $23.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price objective points to a potential upside of 31.91% from the company’s previous close.

Other research analysts have also issued research reports about the company. Wall Street Zen raised Banc of California from a “strong sell” rating to a “sell” rating in a research note on Sunday, September 27th. UBS Group initiated coverage on Banc of California in a research note on Monday, September 14th. They issued a “neutral” rating and a $20.00 target price for the company. Piper Sandler reduced their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Brean Capital lowered Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Finally, Wells Fargo & Company lowered their price target on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, September 30th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Banc of California Stock Performance

NYSE:BANC opened at $17.44 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The firm has a market cap of $2.76 billion, a PE ratio of -41.51 and a beta of 0.77. The firm has a 50 day simple moving average of $18.58 and a 200-day simple moving average of $19.02. Banc of California has a 1-year low of $15.33 and a 1-year high of $21.93.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The firm’s revenue was down 94.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 EPS. On average, equities analysts expect that Banc of California will post 1.7 EPS for the current year.

Insider Activity at Banc of California

In other news, insider Olivia Lindsay sold 6,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of the firm’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total transaction of $192,900.30. Following the completion of the transaction, the general counsel directly owned 45,702 shares in the company, valued at approximately $836,346.60. This represents a 18.74% decrease in their position. The SEC filing for this sale provides additional information. 2.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

Institutional investors and hedge funds have recently modified their holdings of the stock. Crescent Grove Advisors LLC lifted its stake in shares of Banc of California by 0.5% in the 1st quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock worth $1,810,000 after acquiring an additional 525 shares during the period. GAMMA Investing LLC increased its stake in shares of Banc of California by 22.8% during the second quarter. GAMMA Investing LLC now owns 6,576 shares of the bank’s stock valued at $134,000 after acquiring an additional 1,222 shares during the period. Western Wealth Management LLC bought a new stake in Banc of California during the first quarter worth approximately $29,000. Orion Capital Management LLC bought a new stake in Banc of California during the second quarter worth approximately $37,000. Finally, Cetera Investment Advisers lifted its position in Banc of California by 11.4% in the first quarter. Cetera Investment Advisers now owns 17,656 shares of the bank’s stock worth $310,000 after purchasing an additional 1,801 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.