Banc of California (NYSE:BANC) Price Target Increased to $17.00 by Analysts at Raymond James

Banc of California (NYSE:BANC) had its price objective raised by analysts at Raymond James from $16.00 to $17.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Raymond James’ price target would suggest a potential upside of 10.82% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Keefe, Bruyette & Woods decreased their price target on shares of 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. Stephens reissued an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. Barclays upped their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday. Citigroup initiated coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target on the stock. Finally, Wedbush raised shares of Banc of California from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $14.00 to $18.00 in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and an average price target of $16.65.

Banc of California Price Performance

Shares of Banc of California stock opened at $15.34 on Wednesday. Banc of California has a one year low of $9.96 and a one year high of $15.64. The stock’s fifty day moving average is $14.35 and its 200 day moving average is $13.88. The stock has a market cap of $2.41 billion, a P/E ratio of -4.61 and a beta of 1.14. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same period last year, the firm earned $0.30 earnings per share. Sell-side analysts anticipate that Banc of California will post 0.61 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of hedge funds have recently bought and sold shares of BANC. Vanguard Group Inc. raised its holdings in Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after acquiring an additional 5,311,842 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of Banc of California in the 1st quarter valued at approximately $32,618,000. Hodges Capital Management Inc. grew its stake in shares of Banc of California by 288.4% in the 1st quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock valued at $26,587,000 after buying an additional 1,298,004 shares during the period. William Blair Investment Management LLC grew its stake in shares of Banc of California by 42.1% in the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after buying an additional 762,959 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Banc of California by 25.9% during the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after purchasing an additional 663,061 shares during the period. Institutional investors and hedge funds 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.