Banc of California (NYSE:BANC) Price Target Cut to $18.00 by Analysts at Barclays

Banc of California (NYSE:BANC) had its price target dropped by Barclays from $19.00 to $18.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s target price would suggest a potential upside of 48.94% from the company’s previous close.

Several other brokerages also recently issued reports on BANC. Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $17.00 to $20.00 in a report on Monday, January 6th. JPMorgan Chase & Co. started coverage on shares of Banc of California in a report on Friday, February 7th. They issued a “neutral” rating and a $18.00 target price for the company. StockNews.com upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Friday, January 24th. Stephens decreased their price objective on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday, January 27th. Finally, Raymond James lifted their target price on shares of Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Banc of California has an average rating of “Moderate Buy” and a consensus target price of $18.09.

Banc of California Stock Down 0.2 %

BANC stock traded down $0.03 during midday trading on Tuesday, reaching $12.09. 2,586,287 shares of the company’s stock traded hands, compared to its average volume of 2,266,871. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average price is $14.76 and its 200-day moving average price is $15.38. Banc of California has a 52 week low of $11.70 and a 52 week high of $18.08. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 21.67 and a beta of 0.85.

Banc of California (NYSE:BANC) last posted its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. As a group, sell-side analysts forecast that Banc of California will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Banc of California

Several large investors have recently modified their holdings of BANC. PL Capital Advisors LLC boosted its holdings in Banc of California by 1,446.0% in the 4th quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank’s stock worth $722,823,000 after buying an additional 43,730,207 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Banc of California by 6.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank’s stock worth $168,716,000 after acquiring an additional 644,330 shares during the period. Wellington Management Group LLP grew its position in shares of Banc of California by 274.6% in the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank’s stock valued at $83,377,000 after purchasing an additional 3,953,380 shares in the last quarter. Millennium Management LLC raised its stake in shares of Banc of California by 2,119.0% during the 4th quarter. Millennium Management LLC now owns 2,876,914 shares of the bank’s stock valued at $44,477,000 after purchasing an additional 2,747,262 shares during the period. Finally, William Blair Investment Management LLC raised its stake in shares of Banc of California by 2.5% during the 4th quarter. William Blair Investment Management LLC now owns 2,556,614 shares of the bank’s stock valued at $39,525,000 after purchasing an additional 62,269 shares during the period. Hedge funds and other institutional investors 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.