Banc of California price target raised to $21 from $20 at DA Davidson

DA Davidson raised the firm’s price target on Banc of California (BANC) to $21 from $20 and keeps a Buy rating on the shares after its Q3 earnings beat. The company reported a clean quarter that illustrated the bank’s ability to generate core net interest income growth and net interest margin expansion, even in the absence of loan/balance sheet growth, while also controlling expenses, the analyst tells investors in a research note.