Banc of California (NYSE:BANC) Stock Price Expected to Rise, Raymond James Analyst Says

Banc of California (NYSE:BANC) had its target price lifted by stock analysts at Raymond James from $17.00 to $18.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the bank’s stock. Raymond James’ price objective indicates a potential upside of 13.17% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. DA Davidson boosted their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Barclays decreased their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday. Stephens boosted their target price on 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. Wedbush lifted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $17.00 to $20.00 in a research note on Monday, January 6th. One equities 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’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.10.

Banc of California Trading Up 1.3 %

Banc of California stock traded up $0.21 during mid-day trading on Friday, hitting $15.91. 771,088 shares of the company’s stock were exchanged, compared to its average volume of 1,881,119. Banc of California has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.53 billion, a P/E ratio of -3.72 and a beta of 1.14. The company’s 50 day simple moving average is $16.17 and its 200-day simple moving average is $15.00.

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

Institutional Investors Weigh In On Banc of California

A number of large investors have recently bought and sold shares of the company. Basswood Capital Management L.L.C. raised its holdings in shares of Banc of California by 589.8% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock worth $25,526,000 after buying an additional 1,481,692 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Banc of California during the third quarter worth $21,207,000. Verition Fund Management LLC lifted its position in shares of Banc of California by 93.2% in the 3rd quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock worth $36,477,000 after purchasing an additional 1,194,839 shares during the period. Azora Capital LP acquired a new stake in shares of Banc of California during the 3rd quarter worth approximately $12,494,000. Finally, Assenagon Asset Management S.A. grew its stake in Banc of California by 461.6% in the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after acquiring an additional 535,654 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.