Banc of California (NYSE:BANC) Price Target Raised to $23.00 at Keefe, Bruyette & Woods

Banc of California (NYSE:BANC) had its price target upped by analysts at Keefe, Bruyette & Woods from $22.00 to $23.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 10.90% from the stock’s current price.

BANC has been the subject of several other research reports. Wells Fargo & Company upped their target price on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. DA Davidson upped their price target on Banc of California from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a research report on Wednesday. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Raymond James Financial upgraded shares of Banc of California from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.45.

Banc of California Stock Down 1.7%

BANC stock opened at $20.74 on Friday. The stock has a market capitalization of $3.14 billion, a P/E ratio of 17.58 and a beta of 0.69. The company has a 50 day moving average price of $19.31 and a two-hundred day moving average price of $17.26. Banc of California has a one year low of $11.52 and a one year high of $21.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, topping the consensus estimate of $0.37 by $0.05. The firm had revenue of $292.93 million during the quarter, compared to analyst estimates of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.71%. During the same quarter in the prior year, the business posted $0.28 earnings per share. As a group, sell-side analysts expect that Banc of California will post 1.31 EPS for the current year.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC lifted its position in Banc of California by 338.7% during the 3rd quarter. Voya Investment Management LLC now owns 166,298 shares of the bank’s stock valued at $2,752,000 after purchasing an additional 128,387 shares during the period. GAMMA Investing LLC raised its holdings in Banc of California by 22.2% in the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock worth $59,000 after purchasing an additional 762 shares during the period. Savant Capital LLC bought a new position in shares of Banc of California during the 2nd quarter valued at about $455,000. Bank of New York Mellon Corp boosted its stake in Banc of California by 63.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,797,082 shares of the bank’s stock worth $25,249,000 after purchasing an additional 698,426 shares during the period. Finally, Brandywine Global Investment Management LLC bought a new position in shares of Banc of California during the second quarter worth about $454,000. 86.88% of the stock is owned by institutional investors and hedge funds.

About Banc of California

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.