Barclays Cuts Banc of California (NYSE:BANC) Price Target to $15.00

Banc of California (NYSE:BANC) had its price target reduced by Barclays from $16.00 to $15.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Barclays‘s price target suggests a potential upside of 6.46% from the company’s current price.

BANC has been the subject of several other research reports. Wells Fargo & Company raised their price target on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Wedbush dropped their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday. StockNews.com assumed coverage on Banc of California in a report on Monday, January 29th. They set a “hold” rating on the stock. Finally, Truist Financial restated a “hold” rating and set a $16.00 price objective on shares of Banc of California in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.64.

Banc of California Stock Performance

NYSE BANC opened at $14.09 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50 day moving average price of $14.50 and a 200 day moving average price of $13.32. The company has a market capitalization of $2.22 billion, a P/E ratio of -4.23 and a beta of 1.15. Banc of California has a 1-year low of $9.72 and a 1-year high of $16.08.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company had revenue of $522.57 million for the quarter, compared to analysts’ expectations of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period in the previous year, the business posted $0.37 EPS. Sell-side analysts expect that Banc of California will post 1.5 EPS for the current fiscal year.

Insider Activity at Banc of California

In other news, Director James Andrew Barker bought 10,000 shares of Banc of California stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the acquisition, the director now owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares during the last quarter. Riverview Trust Co acquired a new position in shares of Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California during the first quarter worth about $30,000. Lee Financial Co acquired a new position in shares of Banc of California during the fourth quarter worth about $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in shares of Banc of California during the fourth quarter worth about $41,000. 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.