Banc of California (NYSE:BANC) Price Target Raised to $22.00 at Wells Fargo & Company

Banc of California (NYSE:BANC) had its price target raised by equities researchers at Wells Fargo & Company from $20.00 to $22.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 28.55% from the company’s current price.

Several other equities research analysts also recently commented on BANC. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a report on Wednesday, January 21st. Barclays boosted their price objective on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Piper Sandler upped their price objective on shares of Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. raised their target price on shares of Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Finally, Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.05.

Banc of California Price Performance

Banc of California stock traded up $0.22 during mid-day trading on Monday, hitting $17.11. The company’s stock had a trading volume of 363,872 shares, compared to its average volume of 2,848,969. The stock has a market capitalization of $2.57 billion, a P/E ratio of 14.44 and a beta of 0.73. Banc of California has a twelve month low of $11.52 and a twelve month high of $21.61. The stock’s fifty day moving average price is $18.95 and its two-hundred day moving average price is $18.36. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. The company had revenue of $292.93 million during the quarter, compared to the consensus estimate of $288.41 million. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.During the same quarter in the prior year, the firm earned $0.28 EPS. Research analysts forecast that Banc of California will post 1.31 earnings per share for the current year.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently bought and sold shares of BANC. Bank of America Corp DE boosted its holdings in shares of Banc of California by 243.9% during the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after purchasing an additional 2,433,394 shares during the period. Dimensional Fund Advisors LP lifted its position in Banc of California by 45.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock worth $83,635,000 after buying an additional 1,576,914 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Banc of California during the 2nd quarter valued at $17,400,000. North Reef Capital Management LP acquired a new position in shares of Banc of California in the fourth quarter worth $22,312,000. Finally, FJ Capital Management LLC raised its holdings in shares of Banc of California by 265.8% during the second quarter. FJ Capital Management LLC now owns 1,365,440 shares of the bank’s stock worth $19,184,000 after acquiring an additional 992,154 shares in 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.