Robert W. Baird Has Lowered Expectations for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC - Get Free Report) had its price objective cut by investment analysts at Robert W. Baird from $19.00 to $17.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the bank's stock. Robert W. Baird's price target would suggest a potential upside of 29.87% from the company's current price.

Other research analysts also recently issued reports about the company. Wells Fargo & Company reduced their target price on Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Stephens reduced their target price on Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a research note on Monday, January 27th. Barclays reduced their target price on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. StockNews.com raised Banc of California from a "sell" rating to a "hold" rating in a research note on Friday, January 24th. Finally, Raymond James boosted their price target on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $17.25.

Banc of California Stock Performance

NYSE:BANC traded down $0.11 during trading hours on Friday, reaching $13.09. The company had a trading volume of 2,652,576 shares, compared to its average volume of 2,354,101. Banc of California has a 1-year low of $11.52 and a 1-year high of $18.08. The firm has a market cap of $2.08 billion, a PE ratio of 23.38 and a beta of 0.85. The business's 50 day moving average price is $13.69 and its 200-day moving average price is $15.19. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Banc of California's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 earnings per share. Research analysts forecast that Banc of California will post 1.31 EPS for the current year.

Hedge Funds Weigh In On Banc of California

Several large investors have recently modified their holdings of BANC. PL Capital Advisors LLC lifted its stake in shares of 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 during the last quarter. Wellington Management Group LLP lifted its stake in Banc of California by 274.6% during the 4th quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock worth $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% during the 4th 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 in the last quarter. Algert Global LLC lifted its stake 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. lifted its stake 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. Institutional investors and hedge funds 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.