Banc of California price target lowered to $15 from $16 at Wedbush

Wedbush analyst David Chiaverini lowered the firm’s price target on Banc of California to $15 from $16 and keeps a Neutral rating on the shares. The firm notes Banc of California reported its first full quarter as a combined company. Banc of California is benefiting from its balance sheet repositioning which included the sale of more than $6B of assets and the pay-down of nearly $9B of borrowings, and net interest margin expansion should occur through 2024 even though Q1’s NIM was lower than management had originally assumed owing to deposit cost pressure, Wedbush adds.