Stocks of Banc of California Inc (NYSE:BANC) traded higher last session on Wall Street, up 2.80% to $12.49.
According to the data, Banc of California Inc (NYSE:BANC) has 8 analysts covering its stock. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $20.00 and a low of $13.00, we find $14.00. Given the previous closing price of $12.15, this indicates a potential upside of 15.23 percent. BANC stock price is now 3.93% away from the 50-day moving average and 0.02% away from the 200-day moving average. The market capitalization of the company currently stands at $1.97B.
A total of 5 analysts have issued a hold rating and 3 have given it a buy rating. Brokers who have rated the stock have averaged $16.00 as their price target over the next twelve months.
With the price target of $14, Truist recently initiated with Hold rating for Banc of California Inc (NYSE: BANC).
In other news, Rice Joseph J, Director bought 10,000 shares of the company’s stock on Dec 05. The stock was bought for $126,588 at an average price of $12.66. Upon completion of the transaction, the Director now directly owns 10,000 shares in the company, valued at $0.12 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Dec 05, Director LASHLEY RICHARD J sold 200,000 shares of the business’s stock. A total of $2,533,400 was realized by selling the stock at an average price of $12.67. This leaves the insider owning 2,463,143 shares of the company worth $30.76 million. Insiders disposed of 65,458 shares of company stock worth roughly $0.82 million over the past 1 year. A total of 26.26% of the company’s stock is owned by insiders.
Thursday’s opening bell rang with an opening price of $12.28 for Banc of California Inc (NYSE: BANC). During the past 12 months, Banc of California Inc has had a low of $9.72 and a high of $18.26. The fifty day moving average price for BANC is $12.03 and a two-hundred day moving average price translates $12.46 for the stock.
The latest earnings results from Banc of California Inc (NYSE: BANC) was released for Sep, 2023. According to the Banks – Regional Company, earnings per share came in at $0.3, inline with analysts’ expectations of $0.3. This compares to $0.40 EPS in the same period last year. The net profit margin was 22.21% and return on equity was 10.47% for BANC. The company reported revenue of $116.22 million for the quarter, compared to $95.97 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 21.1 percent. For the current quarter, analysts expect BANC to generate $148.63M in revenue.
Banc of California Inc(BANC) Company Profile
PacWest Bancorp operates as the bank holding company for Pacific Western Bank that provides various banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate mortgage loans, and real estate construction and land loans to professional developers and real estate investors for the acquisition, refinancing, renovation, and construction of commercial real estate properties; lender, equipment, and premium finance; other asset-based loans; venture capital loans to support the operations of entrepreneurial and venture-backed companies; and equipment-secured loans and leases. In addition, the company offers consumer loans comprising personal loans, auto loans, home equity lines of credit, revolving lines of credit, and other loans. Further, it provides international banking and multi-state deposit services; money market sweep products; investment advisory and asset management solutions; treasury and cash management services; telephone banking, remote deposit, and online and mobile banking services; and automated teller machine services. The company offers its products and services to small, middle-market, and venture-backed businesses. The company was formerly known as First Community Bancorp and changed its name to PacWest Bancorp in April 2008. PacWest Bancorp was founded in 1999 and is headquartered in Beverly Hills, California.
