Barclays Issues Pessimistic Forecast for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC) had its price objective decreased by Barclays from $25.00 to $23.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price target indicates a potential upside of 24.43% from the company’s previous close.

Several other research firms have also commented on BANC. Wells Fargo & Company boosted their price objective on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. JPMorgan Chase & Co. decreased their price objective on shares of Banc of California from $25.00 to $20.50 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.27.

Banc of California Price Performance

Shares of NYSE BANC opened at $18.49 on Tuesday. The firm has a market capitalization of $2.77 billion, a P/E ratio of 15.67 and a beta of 0.74. Banc of California has a one year low of $11.52 and a one year high of $21.61. The company’s fifty day moving average is $18.53 and its two-hundred day moving average is $18.41. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, topping 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 business had revenue of $292.93 million for the quarter, compared to analyst estimates of $288.41 million. During the same period in the previous year, the firm earned $0.28 EPS. Analysts forecast that Banc of California will post 1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Navalign LLC acquired a new position in Banc of California in the 4th quarter valued at about $27,000. Triumph Capital Management acquired a new position in Banc of California in the 3rd quarter valued at about $25,000. Orion Capital Management LLC acquired a new position in Banc of California in the 4th quarter valued at about $35,000. EverSource Wealth Advisors LLC raised its stake in Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its stake in Banc of California by 199.0% in the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after purchasing an additional 1,437 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Company Profile

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.