Barclays Issues Pessimistic Forecast for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC - Get Free Report) had its price target cut by Barclays from $19.00 to $18.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Barclays's target price suggests a potential upside of 46.52% from the stock's current price.

A number of other research firms have also recently commented on BANC. Raymond James upped their price objective on Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a report on Friday, January 24th. Stephens lowered their price target on Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a report on Monday, January 27th. Wells Fargo & Company raised shares of Banc of California from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $17.00 to $20.00 in a research report on Monday, January 6th. StockNews.com raised shares of Banc of California from a "sell" rating to a "hold" rating in a research note on Friday, January 24th. Finally, JPMorgan Chase & Co. started coverage on shares of Banc of California in a research note on Friday, February 7th. They issued a "neutral" rating and a $18.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Banc of California currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.73.

Banc of California Trading Up 1.5 %

NYSE BANC traded up $0.19 on Tuesday, reaching $12.29. 3,625,491 shares of the company were exchanged, compared to its average volume of 2,316,648. Banc of California has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The stock has a market capitalization of $1.95 billion, a P/E ratio of 21.94 and a beta of 0.85. The business's fifty day moving average price is $14.32 and its 200 day moving average price is $15.26. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

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 (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Analysts forecast that Banc of California will post 1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PL Capital Advisors LLC raised its position in Banc of California by 1,446.0% in the 4th quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock valued at $722,823,000 after purchasing an additional 43,730,207 shares in the last quarter. Wellington Management Group LLP raised its holdings in Banc of California by 274.6% in the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock valued at $83,377,000 after acquiring an additional 3,953,380 shares in the last quarter. Millennium Management LLC lifted its stake in Banc of California by 2,119.0% in the fourth quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock worth $44,477,000 after acquiring an additional 2,747,262 shares during the last quarter. Algert Global LLC grew its holdings in Banc of California by 701.9% during the 4th quarter. Algert Global LLC now owns 952,674 shares of the bank's stock worth $14,728,000 after acquiring an additional 833,874 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in Banc of California by 6.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock worth $168,716,000 after acquiring an additional 644,330 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.