JPMorgan Chase & Co. Has Lowered Expectations for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $25.00 to $20.50 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 16.42% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. Piper Sandler lifted their price objective on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Barclays upped their target price on shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Keefe, Bruyette & Woods lifted their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Banc of California presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.45.

Banc of California Trading Down 0.6%

Shares of BANC opened at $17.61 on Wednesday. Banc of California has a 1 year low of $11.52 and a 1 year high of $21.61. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a 50 day simple moving average of $18.69 and a 200-day simple moving average of $18.36. The stock has a market cap of $2.64 billion, a PE ratio of 14.92 and a beta of 0.74.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, beating the consensus estimate of $0.37 by $0.05. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.The business had revenue of $292.93 million for the quarter, compared to analyst estimates of $288.41 million. During the same quarter in the previous year, the firm earned $0.28 EPS. On average, sell-side analysts predict that Banc of California will post 1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Triumph Capital Management acquired a new position in shares of Banc of California during the third quarter valued at $25,000. Navalign LLC acquired a new stake in Banc of California in the fourth quarter worth about $27,000. Orion Capital Management LLC bought a new stake in Banc of California during the 4th quarter worth about $35,000. Advisory Services Network LLC bought a new stake in Banc of California during the 3rd quarter worth about $36,000. Finally, EverSource Wealth Advisors LLC lifted its position in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares during the period. Institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.