Banc of California (NYSE:BANC) Rating Increased to Overweight at Wells Fargo & Company

Banc of California (NYSE:BANC) was upgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report issued on Monday, MarketBeat.com reports. The brokerage presently has a $20.00 price objective on the bank’s stock, up from their prior price objective of $17.00. Wells Fargo & Company‘s price objective points to a potential upside of 27.55% from the stock’s previous close.

Several other research firms have also issued reports on BANC. DA Davidson lifted their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Truist Financial boosted their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Stephens increased their price objective on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Wedbush upped their price objective on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Citigroup assumed coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.10.

Banc of California Stock Down 0.9 %

BANC opened at $15.68 on Monday. The company has a market capitalization of $2.49 billion, a PE ratio of -3.67 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The business has a 50-day moving average of $16.23 and a 200-day moving average of $14.78.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter last year, the firm earned $0.30 earnings per share. Equities research analysts forecast that Banc of California will post 0.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of BANC. Oliver Luxxe Assets LLC bought a new stake in Banc of California in the fourth quarter valued at $1,323,000. World Investment Advisors LLC boosted its position in Banc of California by 4.5% in the third quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock valued at $266,000 after buying an additional 779 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Banc of California during the third quarter worth about $167,000. First Dallas Securities Inc. increased its holdings in shares of Banc of California by 15.4% during the third quarter. First Dallas Securities Inc. now owns 61,975 shares of the bank’s stock worth $913,000 after buying an additional 8,250 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Banc of California by 4.4% in the third quarter. Barclays PLC now owns 425,634 shares of the bank’s stock valued at $6,270,000 after acquiring an additional 17,876 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

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.