Banc of California price target raised to $16 from $15 at Stephens

Stephens raised the firm’s price target on Banc of California (BANC) to $16 from $15 and keeps an Equal Weight rating on the shares. The firm expects continued net interest margin expansion into 2025 and for modest continued expense reductions, but believes the vast majority of cost saves are reflected in the current run rate and believes valuation is “fair,” the analyst tells investors.