Banc of California (NYSE:BANC) Given New $17.00 Price Target at Wells Fargo & Company

Banc of California (NYSE:BANC) had its price target upped by equities researchers at Wells Fargo & Company from $16.00 to $17.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 10.53% from the stock’s current price.

Several other research firms also recently issued reports on BANC. Raymond James lifted their price target on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday. Barclays lifted their target price on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday. Keefe, Bruyette & Woods reduced their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Citigroup began coverage on shares of Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Finally, Wedbush raised shares of Banc of California from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $14.00 to $18.00 in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.75.

Banc of California Trading Down 0.3 %

Shares of BANC stock traded down $0.04 on Wednesday, hitting $15.38. The stock had a trading volume of 321,160 shares, compared to its average volume of 2,319,190. The firm has a market cap of $2.42 billion, a P/E ratio of -4.63 and a beta of 1.14. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.69. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average price of $14.35 and a two-hundred day moving average price of $13.88.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $229.46 million. During the same period in the previous year, the firm earned $0.30 EPS. As a group, analysts forecast that Banc of California will post 0.61 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 business’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 completion of the sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors have recently modified their holdings of BANC. Vanguard Group Inc. raised its position in shares of Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after buying an additional 1,582,941 shares in the last quarter. Sei Investments Co. lifted its stake in Banc of California by 86.0% during the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock worth $7,699,000 after purchasing an additional 234,021 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Banc of California by 55.5% in the 1st quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock valued at $2,819,000 after purchasing an additional 66,183 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Banc of California by 394.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after purchasing an additional 264,070 shares in the last quarter. Finally, Redwood Investment Management LLC bought a new position in shares of Banc of California in the 1st quarter valued at $630,000. 86.88% of the stock is currently owned by institutional investors.

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.