Barclays Has Lowered Expectations for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC) had its price target reduced by analysts at Barclays from $20.00 to $19.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price target would indicate a potential upside of 20.84% from the stock’s current price.

A number of other equities analysts have also commented on BANC. Stephens increased their price target on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Raymond James upped their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their price target on Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Wedbush raised their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.00.

Banc of California Stock Performance

Shares of BANC stock opened at $15.72 on Friday. The company has a market cap of $2.50 billion, a PE ratio of -3.68 and a beta of 1.14. The company’s fifty day simple moving average is $16.17 and its 200-day simple moving average is $15.00. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 52 week low of $11.88 and a 52 week high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. As a group, equities research analysts anticipate that Banc of California will post 0.71 EPS for the current year.

Institutional Trading of Banc of California

Hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC raised its stake in Banc of California by 66.4% in the 2nd quarter. Hsbc Holdings PLC now owns 54,293 shares of the bank’s stock worth $684,000 after acquiring an additional 21,670 shares during the last quarter. Sei Investments Co. increased its stake in shares of Banc of California by 5.7% during the second quarter. Sei Investments Co. now owns 535,193 shares of the bank’s stock worth $6,840,000 after purchasing an additional 28,991 shares in the last quarter. Public Sector Pension Investment Board increased its position in shares of Banc of California by 7.5% during the second quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank’s stock worth $3,904,000 after purchasing an additional 21,365 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Banc of California in the 2nd quarter valued at approximately $166,000. Finally, The Manufacturers Life Insurance Company lifted its holdings 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 acquiring an additional 1,939 shares during the last quarter. Hedge funds and other institutional investors 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.