Banc of California Inc (NYSE:BANC) is one of the top bank stocks to buy now according to analysts.
The stock has gained more than 38% over the past year, and it still has upside potential
The Street has a consensus Strong Buy rating on this regional bank stock, and some 40 hedge funds are backing the stock. Iakov Filimonov/ On July 6, Wells Fargo raised its price target on Banc of California Inc (NYSE:BANC) shares to $23 from $22 while maintaining an Overweight rating on the stock ahead of Q2 results. The brokerage believes Banc of California will continue to deliver solid results and extend its outperformance track record for the third straight year.
In Q1, Banc of California’s revenue increased 8% YoY and net interest margin expanded 4 basis points. The bank continued to show capital flexibility, extending its $300 million share repurchase program to March 2027 and outlining plans to redeem $385 million in debt. Wells Fargo sees a bright spot for Banc of California and other regional banks in the commercial and industrial loans market.