Banc of California (NYSE:BANC) Given New $22.00 Price Target at JPMorgan Chase & Co.

Banc of California (NYSE:BANC) had its price target increased by analysts at JPMorgan Chase & Co. from $20.50 to $22.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 17.93% from the stock’s previous close.

Several other research firms have also weighed in on BANC. Barclays lowered their price target on Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Keefe, Bruyette & Woods boosted their price target on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Wells Fargo & Company boosted their price target on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Piper Sandler lowered their price target on Banc of California from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.41.

Banc of California Stock Down 1.3%

Banc of California stock traded down $0.25 during midday trading on Friday, reaching $18.66. The stock had a trading volume of 2,346,895 shares, compared to its average volume of 2,956,287. The firm’s fifty day simple moving average is $18.14 and its 200-day simple moving average is $18.54. Banc of California has a 1-year low of $12.98 and a 1-year high of $21.61. The stock has a market capitalization of $2.80 billion, a P/E ratio of 14.24 and a beta of 0.74. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a return on equity of 9.31% and a net margin of 13.58%.The business had revenue of $275.97 million for the quarter, compared to analyst estimates of $291.28 million. During the same quarter last year, the firm earned $0.26 EPS. Banc of California’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, analysts expect that Banc of California will post 1.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Banc of California by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock worth $191,970,000 after acquiring an additional 438,320 shares during the period. Invesco Ltd. boosted its stake in shares of Banc of California by 3.1% during the 4th quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock worth $115,938,000 after acquiring an additional 181,029 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Banc of California by 16.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,863,656 shares of the bank’s stock worth $113,111,000 after acquiring an additional 810,254 shares during the period. Goldman Sachs Group Inc. boosted its stake in Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after purchasing an additional 297,680 shares during the period. Finally, Bank of America Corp DE boosted its stake in Banc of California by 243.9% in the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after purchasing an additional 2,433,394 shares during the period. 86.88% of the stock is currently owned by institutional investors.

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.