Banc of California (NYSE:BANC) PT Lowered to $15.00 at Barclays

Banc of California (NYSE:BANC) had its target price dropped by Barclays from $16.00 to $15.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s price target would indicate a potential upside of 9.25% from the company’s current price.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company raised their price objective on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. StockNews.com initiated coverage on shares of Banc of California in a report on Monday, January 29th. They set a “hold” rating on the stock. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Wedbush dropped their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Truist Financial reaffirmed a “hold” rating and set a $16.00 price target on shares of Banc of California in a research note on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $16.79.

Banc of California Trading Down 1.6 %

Shares of Banc of California stock traded down $0.22 during mid-day trading on Wednesday, hitting $13.73. 1,430,261 shares of the stock were exchanged, compared to its average volume of 2,446,919. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -4.34 and a beta of 1.15. The company has a 50-day simple moving average of $14.49 and a 200 day simple moving average of $13.32. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last announced 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). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The business had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same quarter in the previous year, the company posted $0.37 EPS. Research analysts forecast that Banc of California will post 1.5 EPS for the current year.

Insider Activity

In related news, Director Richard J. Lashley bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average cost of $21.40 per share, with a total value of $214,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at $214,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Banc of California by 143.4% in the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after buying an additional 5,311,842 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Banc of California by 49.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after purchasing an additional 1,615,478 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Banc of California by 148.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Banc of California by 345.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock worth $30,775,000 after purchasing an additional 1,777,330 shares during the last quarter. Finally, Bayview Asset Management LLC acquired a new stake in shares of Banc of California during the fourth quarter worth about $27,297,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

About Banc of California

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.