Banc of California (NYSE:BANC) Price Target Raised to $18.00 at Raymond James

Banc of California (NYSE:BANC) had its price objective upped by equities research analysts at Raymond James from $17.00 to $18.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Raymond James’ price target would suggest a potential upside of 12.53% from the company’s current price.

A number of other research analysts have also commented on BANC. Barclays reduced their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday. Keefe, Bruyette & Woods boosted their target price on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $17.00 to $20.00 in a report on Monday, January 6th. Wedbush boosted their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, DA Davidson upped their price objective on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.10.

Banc of California Stock Up 1.9 %

Shares of NYSE BANC opened at $16.00 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $2.54 billion, a P/E ratio of -3.75 and a beta of 1.14. Banc of California has a 52 week low of $11.88 and a 52 week high of $18.08. The business has a 50-day simple moving average of $16.17 and a two-hundred day simple moving average of $15.04.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. Research analysts anticipate that Banc of California will post 0.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Banc of California

A number of hedge funds have recently made changes to their positions in BANC. Future Financial Wealth Managment LLC purchased a new stake in Banc of California during the 3rd quarter valued at about $29,000. GAMMA Investing LLC lifted its position in Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the last quarter. Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California during the second quarter valued at approximately $102,000. KBC Group NV grew its holdings in shares of Banc of California by 71.0% in the fourth quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after purchasing an additional 3,026 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in shares of Banc of California in the third quarter worth $158,000. 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.