Banc of California (NYSE:BANC) Price Target Increased to $16.00 by Analysts at Truist Financial

Banc of California (NYSE:BANC) had its price objective hoisted by equities research analysts at Truist Financial from $15.00 to $16.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s price target would suggest a potential upside of 6.31% from the company’s current price.

A number of other research analysts have also recently commented on BANC. Wedbush reaffirmed a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, July 24th. Stephens reaffirmed an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Barclays decreased their target price on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 24th. Raymond James raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price on the stock in a research report on Tuesday, September 17th. Finally, Wells Fargo & Company decreased their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $15.83.

Banc of California Trading Down 2.1 %

Shares of BANC opened at $15.05 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.54. The firm has a 50-day moving average price of $13.94 and a 200 day moving average price of $13.91. The firm has a market capitalization of $2.37 billion, a P/E ratio of -4.52 and a beta of 1.13.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The company had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. During the same period in the previous year, the company earned $0.32 EPS. Sell-side analysts forecast that Banc of California will post 0.61 EPS for the current year.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Several hedge funds have recently added to or reduced their stakes in the company. Mendon Capital Advisors Corp acquired a new stake in Banc of California in the second quarter valued at approximately $102,000. Algert Global LLC purchased a new position in Banc of California in the second quarter valued at approximately $182,000. The Manufacturers Life Insurance Company increased its stake in Banc of California by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after purchasing an additional 1,939 shares during the last quarter. Marshall Wace LLP purchased a new position in Banc of California in the second quarter valued at approximately $166,000. Finally, Public Sector Pension Investment Board increased its stake in Banc of California by 7.5% in the second quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank’s stock valued at $3,904,000 after purchasing an additional 21,365 shares during the last quarter. Institutional investors and hedge funds 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.