Banc of California (NYSE:BANC) Price Target Increased to $16.00 by Analysts at Wells Fargo & Company

Banc of California (NYSE:BANC) had its price target hoisted by Wells Fargo & Company from $15.00 to $16.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 15.19% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Wedbush upgraded shares of Banc of California from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $14.00 to $18.00 in a report on Tuesday, September 24th. Keefe, Bruyette & Woods lowered their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Barclays increased their price target on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective for the company in a research note on Tuesday, September 17th. Finally, Stephens reissued an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.61.

Banc of California Trading Down 1.1 %

Shares of NYSE BANC opened at $13.89 on Tuesday. The firm has a 50 day moving average price of $14.01 and a two-hundred day moving average price of $13.90. The stock has a market cap of $2.18 billion, a P/E ratio of -4.17 and a beta of 1.13. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.54. 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 announced its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate 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 in the prior year, the business earned $0.32 earnings per share. As a group, equities analysts forecast that Banc of California will post 0.59 EPS for the current year.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of Banc of California 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 directly owns 719,826 shares in the company, valued at $10,077,564. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

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

Banc of California Company Profile

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.