Truist Financial Increases Banc of California (NYSE:BANC) Price Target to $16.00

Banc of California (NYSE:BANC) had its price target boosted by analysts at Truist Financial from $15.00 to $16.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price target would suggest a potential upside of 4.58% from the company’s previous close.

Several other brokerages also recently weighed in on BANC. Wells Fargo & Company dropped 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 report on Tuesday, July 9th. Wedbush reissued a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, July 24th. Keefe, Bruyette & Woods decreased 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 report on Tuesday, July 9th. Barclays lowered their price objective on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 24th. Finally, 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 research report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $15.83.

Banc of California Price Performance

Banc of California stock traded down $0.08 during mid-day trading on Friday, reaching $15.30. 526,257 shares of the company were exchanged, compared to its average volume of 2,322,507. The company has a fifty day simple moving average of $13.91 and a 200-day simple moving average of $13.91. The firm has a market cap of $2.41 billion, a PE ratio of -4.59 and a beta of 1.13. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. Banc of California has a 12 month low of $9.96 and a 12 month high of $15.54.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The company had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same period last year, the firm earned $0.32 EPS. As a group, equities research analysts expect that Banc of California will post 0.61 earnings per share for the current fiscal year.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction 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 sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently made changes to their positions in BANC. Riverview Trust Co bought a new position in Banc of California during the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California in the first quarter valued at $30,000. Fifth Third Bancorp boosted its position in Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares during the last quarter. LifeSteps Financial Inc. acquired a new stake in Banc of California during the 1st quarter worth about $60,000. Finally, Mendon Capital Advisors Corp bought a new position in shares of Banc of California in the 2nd quarter worth about $102,000. 86.88% of the stock is owned by institutional investors and hedge funds.

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.