Banc of California (NYSE:BANC) Given New $15.00 Price Target at Truist Financial

Banc of California (NYSE:BANC) had its price objective raised by analysts at Truist Financial from $13.00 to $15.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 11.32% from the stock’s current price.

Other analysts have also issued research reports about the stock. Barclays reduced their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 24th. StockNews.com upgraded shares of Banc of California to a “sell” rating in a research note on Thursday, April 25th. Wells Fargo & Company cut their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. DA Davidson decreased their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Finally, Wedbush cut their price objective on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $15.69.

Banc of California Price Performance

BANC stock opened at $13.48 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. The business has a 50-day simple moving average of $13.36 and a two-hundred day simple moving average of $13.84. The company has a market capitalization of $2.12 billion, a P/E ratio of -4.05 and a beta of 1.14. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.54.

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). The company had revenue of $492.38 million for the quarter, compared to analysts’ expectations of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.27%. During the same period in the previous year, the firm earned $0.32 EPS. Research analysts expect that Banc of California will post 1.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First National Bank of Hutchinson increased its stake in shares of Banc of California by 39.6% in the second quarter. First National Bank of Hutchinson now owns 72,190 shares of the bank’s stock worth $923,000 after purchasing an additional 20,493 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in Banc of California by 1.7% in the 2nd 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 in the last quarter. Fifth Third Bancorp raised its holdings in Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Banc of California during the second quarter worth $2,953,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Banc of California by 36.8% in the second quarter. Assenagon Asset Management S.A. now owns 116,041 shares of the bank’s stock worth $1,483,000 after acquiring an additional 31,246 shares during the period. 86.88% of the stock is currently owned by 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.