Barclays Lowers Banc of California (NYSE:BANC) Price Target to $14.00

Banc of California (NYSE:BANC) had its price objective reduced by equities researchers at Barclays from $15.00 to $14.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Barclays‘s target price would suggest a potential upside of 4.01% from the company’s previous close.

Several other research analysts have also issued reports on BANC. StockNews.com upgraded shares of Banc of California to a “sell” rating in a research note on Thursday, April 25th. DA Davidson decreased their target price on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research note on Wednesday, May 15th. Wedbush lowered their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Truist Financial upped their price target on Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods lowered their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $15.94.

Banc of California Stock Down 2.7 %

Banc of California stock traded down $0.37 during trading hours on Wednesday, hitting $13.46. 1,036,285 shares of the stock traded hands, compared to its average volume of 2,409,514. Banc of California has a one year low of $9.96 and a one year high of $16.08. The firm’s 50-day moving average price is $13.39 and its two-hundred day moving average price is $13.85. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.12 billion, a PE ratio of -4.06 and a beta of 1.14.

Banc of California (NYSE:BANC) last released 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). The firm had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter in the prior year, the firm earned $0.32 earnings per share. On average, research analysts forecast that Banc of California will post 1.02 EPS for the current year.

Insider Activity

In other Banc of California news, CEO Jared M. Wolff acquired 7,130 shares of Banc of California stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the acquisition, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of large investors have recently made changes to their positions in BANC. South Dakota Investment Council boosted its holdings in Banc of California by 238.8% in the fourth quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock worth $7,669,000 after purchasing an additional 402,498 shares during the last quarter. Crescent Grove Advisors LLC bought a new stake in shares of Banc of California in the fourth quarter worth $1,303,000. New York State Teachers Retirement System increased its position in Banc of California by 510.7% during the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock valued at $1,072,000 after acquiring an additional 66,739 shares during the last quarter. Peregrine Capital Management LLC lifted its holdings in Banc of California by 22.2% in the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after acquiring an additional 114,173 shares during the period. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in Banc of California in the fourth quarter worth about $1,488,000. 86.88% of the stock is currently owned by 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.