Banc of California (NYSE:BANC)‘s stock had its “buy” rating reiterated by equities researchers at Piper Jaffray Companies in a research report issued to clients and investors on Thursday. They currently have a $25.00 price target on the bank’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 29.20% from the company’s previous close.
A number of other research analysts also recently weighed in on BANC. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research downgraded Banc of California from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 30th. B. Riley downgraded Banc of California from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $25.00 to $20.00 in a report on Thursday, February 1st. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Finally, BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Banc of California currently has an average rating of “Hold” and a consensus target price of $22.60.
Banc of California (NYSE:BANC) traded down $0.05 during mid-day trading on Thursday, hitting $19.35. The company’s stock had a trading volume of 1,771,037 shares, compared to its average volume of 716,783. Banc of California has a 1 year low of $17.10 and a 1 year high of $23.40. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.96 and a quick ratio of 0.95. The stock has a market cap of $963.76, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 1.63 and a beta of 0.95.
In related news, insider John A. Bogler purchased 20,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were purchased at an average cost of $19.30 per share, with a total value of $386,000.00. Following the transaction, the insider now directly owns 37,500 shares in the company, valued at approximately $723,750. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 16.89% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in shares of Banc of California by 15.4% in the 4th quarter. Wells Fargo & Company MN now owns 308,826 shares of the bank’s stock worth $6,377,000 after purchasing an additional 41,207 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of Banc of California in the 4th quarter worth approximately $1,356,000. Swiss National Bank boosted its position in shares of Banc of California by 8.4% in the 4th quarter. Swiss National Bank now owns 75,100 shares of the bank’s stock worth $1,551,000 after purchasing an additional 5,800 shares in the last quarter. Lisanti Capital Growth LLC boosted its position in shares of Banc of California by 39.1% in the 4th quarter. Lisanti Capital Growth LLC now owns 145,524 shares of the bank’s stock worth $3,005,000 after purchasing an additional 40,890 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Banc of California in the 4th quarter worth approximately $298,000.
Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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