Banc of California (NYSE:BANC) PT Raised to $19.00

Banc of California (NYSE:BANC) had its price target lifted by stock analysts at DA Davidson from $16.50 to $19.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. DA Davidson’s price target indicates a potential upside of 22.98% from the stock’s previous close. DA Davidson also issued estimates for Banc of California’s Q4 2024 earnings at $0.23 EPS and FY2024 earnings at $0.69 EPS.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th. Wells Fargo & Company boosted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Wedbush boosted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday. Truist Financial upped their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Finally, Raymond James upped their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday. 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. According to data from MarketBeat, Banc of California presently has a consensus rating of “Hold” and an average target price of $17.20.

Banc of California Trading Up 1.0 %

Shares of BANC opened at $15.45 on Wednesday. The firm’s 50-day moving average price is $14.44 and its 200-day moving average price is $13.91. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -4.64 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. Banc of California has a 1-year low of $10.03 and a 1-year high of $15.69.

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

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 7.37% of the stock is owned by corporate insiders.

Institutional Trading of Banc of California

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its holdings in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the last quarter. Mutual of America Capital Management LLC increased its holdings in Banc of California by 4.3% during the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock valued at $363,000 after buying an additional 984 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in Banc of California by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after buying an additional 1,200 shares during the last quarter. Fifth Third Bancorp increased its holdings 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 buying an additional 1,273 shares during the last quarter. Finally, Riverview Trust Co bought a new position in shares of Banc of California in the first quarter worth approximately $29,000. 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.