Wells Fargo & Company Boosts Banc of California (NYSE:BANC) Price Target to $16.00

04 Oct 2024, 09:45 by Sarita Garza · The Markets Daily

Banc of California (NYSE:BANC – Free Report) had its target price lifted by Wells Fargo & Company from $15.00 to $16.00 in a report released on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

A number of other research analysts also recently commented on the company. Stephens restated an equal weight rating and issued a $14.00 target price on shares of Banc of California in a research note on Wednesday, September 4th. Barclays boosted their price target on Banc of California from $14.00 to $16.00 and gave the company an equal weight rating in a research note on Friday, September 27th. Wedbush raised shares of Banc of California from a neutral rating to an outperform rating and raised their price objective for the company from $14.00 to $18.00 in a research report on Tuesday, September 24th. Keefe, Bruyette & Woods decreased their target price on shares of Banc of California from $18.00 to $17.00 and set an outperform rating for the company in a research report on Tuesday, July 9th. Finally, Raymond James upgraded shares of Banc of California from a market perform rating to an outperform rating and set a $16.00 price target on the stock in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $16.61.

Check Out Our Latest Research Report on Banc of California

Banc of California Price Performance

Shares of BANC opened at $13.88 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -4.17 and a beta of 1.13. The business’s 50-day moving average is $14.01 and its 200-day moving average is $13.90. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.54.

Banc of California (NYSE:BANC – Get Free Report) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09). The company had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the prior year, the company posted $0.32 EPS. Equities research analysts expect that Banc of California will post 0.59 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.88%. The ex-dividend date was Monday, September 16th. Banc of California’s dividend payout ratio is currently -12.01%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BANC. Fifth Third Bancorp grew its stake in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the last quarter. Riverview Trust Co acquired a new stake in Banc of California in the 1st quarter worth $29,000. Future Financial Wealth Managment LLC bought a new position in shares of Banc of California during the 1st quarter worth about $30,000. LifeSteps Financial Inc. acquired a new position in shares of Banc of California during the first quarter valued at about $60,000. Finally, Mendon Capital Advisors Corp bought a new stake in shares of Banc of California in the second quarter valued at about $102,000. 86.88% of the stock is owned by institutional investors.

Banc of California Company Profile

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