JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Banc of California (NYSE:BANC) Stock

Banc of California (NYSE:BANC) had its price objective hoisted by analysts at JPMorgan Chase & Co. from $20.00 to $21.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 23.71% from the company’s current price.

A number of other research analysts have also recently commented on BANC. Barclays increased their target price on Banc of California from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, October 8th. Raymond James Financial upgraded shares of Banc of California from an “outperform” rating to a “strong-buy” rating in a research report on Tuesday, October 7th. Wells Fargo & Company upped their price target on shares of Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $18.00 target price (up from $17.00) on shares of Banc of California in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Banc of California has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Banc of California Stock Up 2.6%

BANC opened at $16.98 on Friday. The stock has a market cap of $2.51 billion, a PE ratio of 16.32 and a beta of 0.68. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 52 week low of $11.52 and a 52 week high of $18.24. The business’s fifty day simple moving average is $16.69 and its 200 day simple moving average is $15.00.

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

Insider Buying and Selling

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the sale, the insider directly owned 66,444 shares in the company, valued at $1,102,305.96. This trade represents a 23.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.69% of the stock is owned by company insiders.

Institutional Trading of Banc of California

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Oliver Luxxe Assets LLC lifted its holdings in Banc of California by 2.1% in the third quarter. Oliver Luxxe Assets LLC now owns 120,105 shares of the bank’s stock worth $1,988,000 after buying an additional 2,483 shares during the period. Tectonic Advisors LLC increased its stake in shares of Banc of California by 15.6% during the third quarter. Tectonic Advisors LLC now owns 119,093 shares of the bank’s stock valued at $1,971,000 after purchasing an additional 16,056 shares in the last quarter. Sheets Smith Wealth Management bought a new position in shares of Banc of California during the third quarter valued at approximately $552,000. CWM LLC increased its stake in shares of Banc of California by 67.0% during the third quarter. CWM LLC now owns 14,666 shares of the bank’s stock valued at $243,000 after purchasing an additional 5,883 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in shares of Banc of California by 338.7% during the third quarter. Voya Investment Management LLC now owns 166,298 shares of the bank’s stock valued at $2,752,000 after purchasing an additional 128,387 shares in the last quarter. 86.88% of the stock is currently 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.