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

Banc of California (NYSE:BANC) had its target price increased by investment analysts at JPMorgan Chase & Co. from $20.50 to $22.00 in a research report issued to clients and investors 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 company’s previous close.

A number of other analysts also recently weighed in on BANC. Keefe, Bruyette & Woods upped their target price on Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Wells Fargo & Company upped their target price on Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Monday, March 30th. Barclays cut their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Wall Street Zen upgraded Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Piper Sandler cut their target price on Banc of California from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 2nd. 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’s stock. According to MarketBeat, Banc of California currently has an average rating of “Moderate Buy” and an average target price of $20.41.

Banc of California Stock Performance

BANC traded down $0.25 during trading on Friday, hitting $18.66. The stock had a trading volume of 2,346,895 shares, compared to its average volume of 2,956,287. The company has a 50 day moving average price of $18.14 and a 200-day moving average price of $18.54. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 14.24 and a beta of 0.74. Banc of California has a one year low of $12.98 and a one year high of $21.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $275.97 million during the quarter, compared to the consensus estimate of $291.28 million. Banc of California had a return on equity of 9.31% and a net margin of 13.58%.The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 EPS. As a group, research analysts predict that Banc of California will post 1.74 EPS for the current year.

Institutional Investors Weigh In On Banc of California

A number of institutional investors have recently made changes to their positions in BANC. Navalign LLC bought a new stake in shares of Banc of California during the 4th quarter valued at about $27,000. Triumph Capital Management bought a new stake in shares of Banc of California during the 3rd quarter valued at about $25,000. Orion Capital Management LLC bought a new stake in shares of Banc of California during the 4th quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its position in shares of 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 in the last quarter. Finally, Hantz Financial Services Inc. boosted its position in shares of Banc of California by 199.0% during the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after purchasing an additional 1,437 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

About Banc of California

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.