Raymond James Forecasts Strong Price Appreciation for Banc of California (NYSE:BANC) Stock

Banc of California (NYSE:BANC) had its price target upped by equities research analysts at Raymond James from $17.00 to $18.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Raymond James’ price objective indicates a potential upside of 12.53% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. Stephens raised their price objective on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $17.00 to $20.00 in a research note on Monday, January 6th. Wedbush increased their target price on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.10.

Banc of California Trading Up 1.9 %

BANC opened at $16.00 on Friday. The company has a fifty day moving average price of $16.17 and a two-hundred day moving average price of $15.04. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08. The company has a market cap of $2.54 billion, a P/E ratio of -3.75 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last issued its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. Analysts predict that Banc of California will post 0.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Banc of California

Several large investors have recently modified their holdings of the stock. Hsbc Holdings PLC grew its stake in shares of Banc of California by 66.4% during the 2nd quarter. Hsbc Holdings PLC now owns 54,293 shares of the bank’s stock worth $684,000 after acquiring an additional 21,670 shares during the period. Sei Investments Co. boosted its position in Banc of California by 5.7% during the second quarter. Sei Investments Co. now owns 535,193 shares of the bank’s stock worth $6,840,000 after purchasing an additional 28,991 shares during the period. Public Sector Pension Investment Board increased its stake in shares of Banc of California by 7.5% in the second quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank’s stock worth $3,904,000 after purchasing an additional 21,365 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Banc of California in the second quarter worth about $166,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Banc of California by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after purchasing an additional 1,939 shares during the period. 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.