Banc of California (NYSE:BANC) Given New $23.00 Price Target at Wells Fargo & Company

Banc of California (NYSE:BANC) had its price objective increased by investment analysts at Wells Fargo & Company from $22.00 to $23.00 in a research report issued on Monday, Marketbeat.com reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 13.22% from the company’s current price.

A number of other research analysts also recently issued reports on BANC. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. DA Davidson reiterated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research report on Tuesday, April 28th. Barclays reduced their price objective on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Piper Sandler lifted their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their target price on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $22.69.

Banc of California Price Performance

NYSE BANC opened at $20.32 on Monday. The business’s fifty day moving average is $19.38 and its 200 day moving average is $19.17. Banc of California has a fifty-two week low of $13.96 and a fifty-two week high of $21.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $3.13 billion, a PE ratio of 15.51 and a beta of 0.73.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business had revenue of $286.95 million during the quarter, compared to analysts’ expectations of $291.28 million. During the same quarter in the prior year, the business posted $0.26 earnings per share. The business’s quarterly revenue was up 7.9% on a year-over-year basis. Sell-side analysts predict that Banc of California will post 1.71 earnings per share for the current year.

Hedge Funds Weigh In On Banc of California

Several hedge funds have recently modified their holdings of the stock. Navalign LLC bought a new position in shares of Banc of California during the fourth quarter worth $27,000. Triumph Capital Management bought a new stake in Banc of California in the 3rd quarter valued at $25,000. Western Wealth Management LLC purchased a new stake in Banc of California in the 1st quarter worth $29,000. Orion Capital Management LLC purchased a new stake in Banc of California in the 4th quarter worth $35,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.