Wells Fargo & Company Begins Coverage on Banc of California (NYSE:BANC)

Equities research analysts at Wells Fargo & Company began coverage on shares of Banc of California (NYSE:BANC) in a research note issued on Monday. The brokerage set an “overweight” rating and a $23.00 price target on the bank’s stock. Wells Fargo & Company‘s price target points to a potential upside of 21.56% from the stock’s current price.

Several other analysts also recently issued reports on BANC. Citigroup reduced their price target on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. upped their price target on shares of Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Weiss Ratings raised shares of Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday. Finally, Piper Sandler lifted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.62.

Banc of California Stock Up 1.0%

Shares of NYSE BANC traded up $0.19 during trading hours on Monday, hitting $18.92. The company had a trading volume of 98,064 shares, compared to its average volume of 3,018,541. Banc of California has a 1-year low of $14.35 and a 1-year high of $21.93. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The firm’s 50 day moving average is $20.13 and its 200-day moving average is $19.23. The stock has a market capitalization of $2.92 billion, a P/E ratio of -45.05 and a beta of 0.74.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The business had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. During the same period last year, the firm earned $0.31 EPS. Banc of California’s quarterly revenue was down 94.0% compared to the same quarter last year. On average, analysts expect that Banc of California will post 1.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the sale, the insider owned 32,842 shares in the company, valued at $640,419. The trade was a 15.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.78% of the stock is currently owned by company insiders.

Institutional Trading of Banc of California

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

About Banc of California

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.