Stephens Cuts Banc of California (NYSE:BANC) Price Target to $17.00

Banc of California (NYSE:BANC) had its target price reduced by Stephens from $18.00 to $17.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Stephens’ target price points to a potential upside of 5.81% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Citigroup began coverage on Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Barclays cut their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, January 24th. Keefe, Bruyette & Woods increased their price objective on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Raymond James boosted their target price on shares of Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, January 24th. Finally, Wedbush increased their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.20.

Banc of California Trading Up 0.3 %

Shares of Banc of California stock opened at $16.07 on Monday. Banc of California has a 12-month low of $11.88 and a 12-month high of $18.08. The stock has a market capitalization of $2.55 billion, a P/E ratio of -3.76 and a beta of 1.14. The company has a 50-day simple moving average of $16.17 and a 200 day simple moving average of $15.09. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, topping the consensus estimate 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 expect 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 institutional investors have recently made changes to their positions in BANC. Future Financial Wealth Managment LLC acquired a new position in Banc of California in the third quarter valued at about $29,000. GAMMA Investing LLC raised its position in shares of 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 acquiring an additional 734 shares during the period. Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California in the 2nd quarter valued at approximately $102,000. KBC Group NV boosted its stake in Banc of California by 71.0% during the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after acquiring an additional 3,026 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in Banc of California during the third quarter valued at approximately $158,000. 86.88% of the stock is owned by institutional investors and hedge funds.

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.