Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Banc of California (NYSE:BANC) Stock

Banc of California (NYSE:BANCGet Free Report) had its price objective hoisted by investment analysts at Keefe, Bruyette & Woods from $22.00 to $23.00 in a report released on Friday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 15.41% from the stock’s current price.

BANC has been the topic of a number of other reports. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. JPMorgan Chase & Co. raised their price target on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Citigroup raised Banc of California from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $18.00 to $21.50 in a report on Monday, October 27th. DA Davidson upped their price objective on Banc of California from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. Finally, Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Banc of California has an average rating of “Moderate Buy” and a consensus price target of $20.45.

Check Out Our Latest Analysis on Banc of California

Banc of California Trading Down 3.9%

Shares of NYSE:BANC opened at $19.93 on Friday. Banc of California has a 52-week low of $11.52 and a 52-week high of $21.61. The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 16.89 and a beta of 0.69. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $19.37 and a 200-day moving average price of $17.31.

Banc of California (NYSE:BANCGet Free Report) last issued its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The firm had revenue of $292.93 million for the quarter, compared to analysts’ expectations of $288.41 million. During the same quarter last year, the company earned $0.28 earnings per share. Equities analysts predict that Banc of California will post 1.31 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BANC. Invesco Ltd. boosted its holdings in shares of Banc of California by 7.7% in the third quarter. Invesco Ltd. now owns 5,829,231 shares of the bank’s stock valued at $96,474,000 after acquiring an additional 418,293 shares during the period. Dimensional Fund Advisors LP boosted its stake in Banc of California by 45.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock worth $83,635,000 after purchasing an additional 1,576,914 shares during the period. Goldman Sachs Group Inc. boosted its stake in Banc of California by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after purchasing an additional 297,680 shares during the period. Bank of America Corp DE grew its position in Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock worth $56,782,000 after purchasing an additional 2,433,394 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Banc of California by 40.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,480,144 shares of the bank’s stock valued at $47,842,000 after purchasing an additional 708,489 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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Banc of California Company Profile

(Get Free Report)

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

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Analyst Recommendations for Banc of California (NYSE:BANC)

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