Wells Fargo & Company Raises Banc of California (NYSE:BANC) Price Target to $23.00

Banc of California (NYSE:BANC) had its price objective increased by research analysts at Wells Fargo & Company from $22.00 to $23.00 in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s target price points to a potential upside of 13.22% from the stock’s current price.

BANC has been the subject of a number of other research reports. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. upped their price target on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Barclays dropped their price objective on Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. DA Davidson reiterated a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a report on Tuesday, April 28th. Finally, Piper Sandler boosted their target price on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Banc of California presently has a consensus rating of “Buy” and an average price target of $22.69.

Banc of California Trading Up 0.1%

NYSE:BANC opened at $20.32 on Monday. The company’s 50 day moving average price is $19.38 and its 200-day moving average price is $19.17. Banc of California has a 52 week low of $13.96 and a 52 week high of $21.61. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 15.51 and a beta of 0.73.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.26 EPS. On average, equities research analysts forecast that Banc of California will post 1.71 earnings per share for the current fiscal year.

Institutional Trading of Banc of California

Several large investors have recently modified their holdings of the company. Bank of America Corp DE grew its stake in shares of 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 valued at $56,782,000 after purchasing an additional 2,433,394 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Banc of California by 45.4% in the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock worth $83,635,000 after buying an additional 1,576,914 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in Banc of California during the second quarter valued at approximately $17,400,000. North Reef Capital Management LP bought a new stake in Banc of California during the fourth quarter valued at approximately $22,312,000. Finally, Millennium Management LLC increased its holdings in Banc of California by 276.5% during the third quarter. Millennium Management LLC now owns 1,278,974 shares of the bank’s stock valued at $21,167,000 after buying an additional 939,318 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

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.