Banc of California (NYSE:BANC) Price Target Raised to $16.00 at Barclays

Banc of California (NYSE:BANC - Get Free Report) had its price objective upped by analysts at Barclays from $14.00 to $16.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an "equal weight" rating on the bank's stock. Barclays's target price would indicate a potential upside of 7.38% from the company's previous close.

Several other research firms have also commented on BANC. Stephens reaffirmed an "equal weight" rating and issued a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Wedbush upgraded shares of Banc of California from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $14.00 to $18.00 in a research report on Tuesday. Keefe, Bruyette & Woods dropped their price target on shares of Banc of California from $18.00 to $17.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 9th. Wells Fargo & Company cut their price objective on Banc of California from $16.00 to $15.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 9th. Finally, Truist Financial increased their price objective on Banc of California from $15.00 to $16.00 and gave the company a "hold" rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $16.50.

Banc of California Stock Performance

Shares of NYSE BANC traded up $0.08 during midday trading on Friday, reaching $14.90. The company had a trading volume of 179,337 shares, compared to its average volume of 2,337,559. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The business's 50-day simple moving average is $13.98 and its 200 day simple moving average is $13.91. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.34 billion, a P/E ratio of -4.46 and a beta of 1.13.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The firm had revenue of $492.38 million for the quarter, compared to analysts' expectations of $271.42 million. During the same quarter in the previous year, the firm posted $0.32 EPS. On average, analysts forecast that Banc of California will post 0.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard J. Lashley sold 75,000 shares of the company's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares of the company's stock, valued at $10,077,564. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in shares of Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the first quarter worth approximately $30,000. Fifth Third Bancorp lifted its holdings in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank's stock worth $27,000 after purchasing an additional 1,273 shares during the period. LifeSteps Financial Inc. acquired a new position in Banc of California in the 1st quarter valued at $60,000. Finally, Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California in the second quarter valued at about $102,000. Hedge funds and other institutional investors 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.

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