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Fly News Breaks for February 11, 2020
BANC
Feb 11, 2020 | 09:02 EDT
B. Riley FBR analyst Steve Moss views Banc of California's $45M share repurchase program as a "modest positive." At current prices, the program would total ~5% of Banc of California's common stock. While the share repurchase is a positive, it will only modestly enhance earnings, which remain challenged by the "considerable" balance sheet reduction relative to total expenses, Moss tells investors in a research note. He reiterates a Sell rating on the shares with a $15 price target citing the company's "below average" profitability.
News For BANC From the Last 2 Days
BANC
Apr 25, 2024 | 07:14 EDT
Truist lowered the firm's price target on Banc of California to $15 from $16 and keeps a Hold rating on the shares as part of a broader Q1 earnings recap research note on Regional and Community Banks. The firm now sees Fed funds rate forecast shifting to zero cuts in 2024 and four 25bps cuts in 2025, the analyst tells investors in a research note. Truist adds that its revisions reflect lower near term net interest income and lower fee income for the bank offset partially by lower operating expenses.
BANC
Apr 24, 2024 | 07:28 EDT
BANC
Apr 24, 2024 | 05:25 EDT
Barclays lowered the firm's price target on Banc of California to $15 from $16 and keeps an Equal Weight rating on the shares post the Q1 report. The company guidance was reiterated but Barclays sees a slower path to target profitability as the revenue side lags progress on expenses, the analyst tells investors in a research note.
