Banc of California sees price target reductions from analysts

Analysts have adjusted price targets for Banc of California (NYSE: BANC) following recent financial performance. Piper Sandler lowered its price target from $23.00 to $22.00 while maintaining an ‘overweight’ rating. Similarly, Wells Fargo reduced its target from $23.00 to $22.00, also retaining an ‘overweight’ classification.

The adjustments follow a second-quarter report that showed a loss of $1.61 per diluted share, missing the analyst consensus expectation of a $0.40 profit. Revenue for the period was reported at $16.41 million, significantly lower than the $295.32 million consensus estimate.

Other recent analyst actions include Citigroup reducing its target to $22.00 with a ‘buy’ rating, and Brean Capital downgrading the stock from ‘buy’ to ‘neutral’. The company’s market capitalization is approximately $2.73 billion, with a 52-week trading range between $15.33 and $21.93.