JPMorgan Chase & Co. Increases Banc of California (NYSE:BANC) Price Target to $24.00

Banc of California (NYSE:BANC) had its price objective hoisted by investment analysts at JPMorgan Chase & Co. from $21.00 to $24.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 22.04% from the company’s current price.

Several other equities analysts have also recently commented on the stock. DA Davidson raised their price target on shares of Banc of California from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Wells Fargo & Company increased their price objective on Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Barclays boosted their target price on Banc of California from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.55.

Banc of California Stock Performance

NYSE BANC opened at $19.67 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $2.98 billion, a P/E ratio of 18.91 and a beta of 0.72. The stock has a 50-day moving average of $17.69 and a two-hundred day moving average of $16.18. Banc of California has a 1-year low of $11.52 and a 1-year high of $20.17.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Monday, May 13th. The bank reported $1.03 earnings per share (EPS) for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 8.00%. The business had revenue of $315.66 million for the quarter. As a group, analysts anticipate that Banc of California will post 1.31 EPS for the current year.

Institutional Trading of Banc of California

A number of institutional investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. increased its holdings in shares of Banc of California by 18.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank’s stock valued at $183,649,000 after acquiring an additional 2,029,119 shares during the last quarter. Vanguard Group Inc. lifted its stake in Banc of California by 0.5% during the first quarter. Vanguard Group Inc. now owns 9,575,301 shares of the bank’s stock worth $135,874,000 after purchasing an additional 50,452 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Banc of California by 16.5% in the first quarter. Wellington Management Group LLP now owns 6,280,573 shares of the bank’s stock valued at $89,121,000 after purchasing an additional 887,497 shares in the last quarter. Invesco Ltd. boosted its holdings in Banc of California by 7.7% in the third quarter. Invesco Ltd. now owns 5,829,231 shares of the bank’s stock valued at $96,474,000 after purchasing an additional 418,293 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Banc of California by 45.4% in the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after purchasing an additional 1,576,914 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.