Wells Fargo & Company Increases Banc of California (NYSE:BANC) Price Target to $16.00

Banc of California (NYSE:BANC) had its price target hoisted by analysts at Wells Fargo & Company from $15.00 to $16.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price points to a potential upside of 13.39% from the company’s current price.

Other equities analysts have also issued reports about the company. Truist Financial upped their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods lowered their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Stephens reiterated an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price on the stock in a report on Tuesday, September 17th. Finally, Barclays lifted their price target on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Banc of California currently has an average rating of “Hold” and a consensus target price of $16.61.

Banc of California Stock Down 4.2 %

Shares of Banc of California stock traded down $0.62 during trading on Tuesday, reaching $14.11. 1,668,707 shares of the company traded hands, compared to its average volume of 2,341,506. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The firm has a market capitalization of $2.22 billion, a PE ratio of -4.25 and a beta of 1.13. The company has a 50 day moving average price of $13.99 and a 200-day moving average price of $13.90. Banc of California has a 1-year low of $9.96 and a 1-year high of $15.54.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The company had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same period last year, the company earned $0.32 EPS. As a group, equities research analysts expect 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 transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 7.37% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Large investors have recently modified their holdings of the business. Hsbc Holdings PLC boosted its holdings in Banc of California by 447.5% in the 4th quarter. Hsbc Holdings PLC now owns 151,750 shares of the bank’s stock worth $2,052,000 after buying an additional 124,034 shares during the period. Rafferty Asset Management LLC boosted its holdings in shares of Banc of California by 355.9% in the fourth quarter. Rafferty Asset Management LLC now owns 443,559 shares of the bank’s stock worth $5,957,000 after acquiring an additional 346,260 shares during the period. Carmignac Gestion purchased a new stake in Banc of California during the 4th quarter worth about $2,152,000. Banc Funds Co. LLC boosted its stake in Banc of California by 54.7% in the 4th quarter. Banc Funds Co. LLC now owns 1,048,229 shares of the bank’s stock worth $14,078,000 after purchasing an additional 370,817 shares during the period. Finally, Seven Eight Capital LP purchased a new position in Banc of California during the 4th quarter valued at about $557,000. 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.