Stephens Raises Banc of California (NYSE:BANC) Price Target to $22.00

Banc of California (NYSE:BANCGet Rating) had its price target upped by Stephens from $21.00 to $22.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Stephens’ price objective indicates a potential upside of 18.92% from the company’s current price.

BANC has been the topic of a number of other reports. StockNews.com initiated coverage on Banc of California in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Raymond James lowered Banc of California from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 6th. Finally, Zacks Investment Research raised Banc of California from a “hold” rating to a “strong-buy” rating and set a $23.00 price target on the stock in a research report on Tuesday, March 29th.

Shares of Banc of California stock opened at $18.50 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.85. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 12.17 and a beta of 1.50. The business has a fifty day simple moving average of $19.27 and a 200-day simple moving average of $19.94. Banc of California has a fifty-two week low of $15.40 and a fifty-two week high of $22.09.

Banc of California (NYSE:BANCGet Rating) last announced its quarterly earnings data on Thursday, April 21st. The bank reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.23. Banc of California had a return on equity of 12.00% and a net margin of 29.44%. During the same period last year, the business earned $0.25 earnings per share. Analysts anticipate that Banc of California will post 1.82 earnings per share for the current fiscal year.

In other news, CEO Jared M. Wolff acquired 5,015 shares of Banc of California stock in a transaction on Thursday, January 27th. The stock was bought at an average price of $19.70 per share, for a total transaction of $98,795.50. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James Andrew Barker bought 12,900 shares of the company’s stock in a transaction dated Tuesday, February 1st. The stock was bought at an average cost of $19.32 per share, with a total value of $249,228.00. The disclosure for this purchase can be found here. Corporate insiders own 12.28% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in BANC. Point72 Hong Kong Ltd bought a new position in Banc of California in the 4th quarter valued at $33,000. Strs Ohio bought a new position in Banc of California during the fourth quarter worth about $45,000. Mutual of America Capital Management LLC lifted its holdings in Banc of California by 23.8% during the fourth quarter. Mutual of America Capital Management LLC now owns 7,391 shares of the bank’s stock worth $145,000 after acquiring an additional 1,421 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Banc of California by 90.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,674 shares of the bank’s stock worth $170,000 after acquiring an additional 4,125 shares in the last quarter. Finally, Wellington Shields Capital Management LLC bought a new position in Banc of California during the fourth quarter worth about $196,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

Banc of California Company Profile (Get Rating)

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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