Wells Fargo & Company Issues Pessimistic Forecast for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC - Get Free Report) had its target price cut by equities researchers at Wells Fargo & Company from $20.00 to $16.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the bank's stock. Wells Fargo & Company's price objective suggests a potential upside of 26.48% from the stock's current price.

Several other brokerages have also recently weighed in on BANC. Barclays decreased their price target on Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Raymond James increased their target price on shares of Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. JPMorgan Chase & Co. started coverage on Banc of California in a report on Friday, February 7th. They issued a "neutral" rating and a $18.00 price target on the stock. Finally, Stephens lowered their price objective on shares of Banc of California from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Banc of California presently has a consensus rating of "Moderate Buy" and an average price target of $17.73.

Banc of California Stock Performance

NYSE:BANC traded up $0.36 on Wednesday, reaching $12.65. 5,651,804 shares of the company's stock were exchanged, compared to its average volume of 2,334,373. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 22.59 and a beta of 0.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a fifty day simple moving average of $14.32 and a 200-day simple moving average of $15.27. Banc of California has a 52 week low of $11.52 and a 52 week high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. As a group, sell-side analysts predict that Banc of California will post 1.31 earnings per share for the current year.

Institutional Investors Weigh In On Banc of California

Several hedge funds have recently made changes to their positions in the company. Picton Mahoney Asset Management bought a new position in Banc of California during the 4th quarter valued at approximately $30,000. SBI Securities Co. Ltd. purchased a new stake in Banc of California in the fourth quarter worth approximately $36,000. Jones Financial Companies Lllp grew its holdings in shares of Banc of California by 35.1% in the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after acquiring an additional 928 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of Banc of California by 205.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock valued at $68,000 after purchasing an additional 2,926 shares during the period. Finally, Summit Securities Group LLC purchased a new stake in Banc of California during the fourth quarter valued at approximately $97,000. 86.88% of the stock is currently owned by institutional investors.

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.