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

Banc of California (NYSE:BANC) had its price target decreased by analysts at Truist Financial from $16.00 to $15.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 8.15% from the company’s current price.

A number of other brokerages also recently commented on BANC. StockNews.com began coverage on Banc of California in a research note on Monday, January 29th. They set a “hold” rating for the company. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Wells Fargo & Company raised their price target on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Barclays lowered their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Wedbush lowered their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $16.75.

Banc of California Stock Down 1.6 %

Banc of California stock traded down $0.22 during midday trading on Thursday, hitting $13.87. 1,320,129 shares of the company were exchanged, compared to its average volume of 2,460,818. The company’s fifty day moving average price is $14.49 and its 200-day moving average price is $13.32. The company has a market cap of $2.18 billion, a PE ratio of -4.17 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a fifty-two week low of $9.72 and a fifty-two week high of $16.08.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The business had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. During the same period in the previous year, the company earned $0.37 earnings per share. On average, research analysts predict that Banc of California will post 1.5 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard J. Lashley purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $214,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in Banc of California by 4.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock worth $303,000 after acquiring an additional 955 shares during the period. Truist Financial Corp boosted its position in Banc of California by 9.8% during the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after acquiring an additional 1,223 shares during the period. Sippican Capital Advisors boosted its position in Banc of California by 1.2% during the 3rd quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock worth $1,425,000 after acquiring an additional 1,325 shares during the period. Versant Capital Management Inc boosted its position in Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares during the period. Finally, Riverview Trust Co acquired a new stake in Banc of California during the 1st quarter worth about $29,000. 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.