Barclays Has Lowered Expectations for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC) had its target price cut by stock analysts at Barclays from $20.00 to $19.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price objective suggests a potential upside of 18.78% from the company’s previous close.

A number of other brokerages have also issued reports on BANC. Raymond James increased their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $17.00 to $20.00 in a report on Monday, January 6th. Citigroup initiated coverage on Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Keefe, Bruyette & Woods boosted their price objective on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Stephens raised their target price on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.10.

Banc of California Price Performance

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

Banc of California (NYSE:BANC) last posted its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. Analysts forecast that Banc of California will post 0.71 EPS for the current year.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently added to or reduced their stakes in BANC. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California in the third quarter worth approximately $29,000. GAMMA Investing LLC increased its stake in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the period. KBC Group NV lifted its position in Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after buying an additional 3,026 shares in the last quarter. Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California during the 2nd quarter valued at $102,000. Finally, Paloma Partners Management Co purchased a new position in shares of Banc of California during the 3rd quarter valued at $158,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.