Banc of California (NYSE:BANC) Upgraded by Wells Fargo & Company to “Overweight” Rating

Banc of California (NYSE:BANC) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Monday,Finviz reports. The firm currently has a $20.00 price objective on the bank’s stock, up from their prior price objective of $17.00. Wells Fargo & Company‘s target price would suggest a potential upside of 28.95% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods increased their target price on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Wedbush increased their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Barclays boosted their target price on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Truist Financial upped their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Finally, DA Davidson lifted their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.10.

Banc of California Price Performance

BANC opened at $15.51 on Monday. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of -3.63 and a beta of 1.14. 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 firm has a 50-day moving average price of $16.23 and a 200-day moving average price of $14.74. Banc of California has a twelve month low of $11.88 and a twelve month high of $18.08.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The business had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter in the previous year, the firm posted $0.30 EPS. Equities analysts expect that Banc of California will post 0.7 EPS for the current year.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Future Financial Wealth Managment LLC purchased a new position in shares of Banc of California during the third quarter worth approximately $29,000. GAMMA Investing LLC raised its position in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new stake in Banc of California in the second quarter worth $102,000. Paloma Partners Management Co purchased a new stake in Banc of California during the third quarter valued at about $158,000. Finally, Marshall Wace LLP bought a new position in shares of Banc of California during the second quarter valued at about $166,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

About Banc of California

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.