Banc of California (NYSE:BANC) Given New $21.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target for Banc of California from $20.00 to $21.00, indicating a potential upside of 26.87% based on the current stock price.
• Wells Fargo and Barclays also upgraded their price targets for Banc of California, both placing their targets at $21.00, while other firms maintain a mix of ratings from "Strong Buy" to "Hold."
• Banc of California's stock is currently trading around $16.55, with a market cap of $2.45 billion and a twelve-month price range between $11.52 and $18.24.

Banc of California (NYSE:BANC - Get Free Report) had its target price hoisted by equities research analysts at JPMorgan Chase & Co. from $20.00 to $21.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 26.87% from the company's current price.

Several other equities analysts also recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of 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 company an "overweight" rating in a report on Wednesday, October 8th. Weiss Ratings restated a "hold (c)" rating on shares of Banc of California in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $18.00 price target (up previously from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Finally, Raymond James Financial upgraded Banc of California from an "outperform" rating to a "strong-buy" rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.75.

Banc of California Stock Down 1.9%

BANC stock opened at $16.55 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. Banc of California has a twelve month low of $11.52 and a twelve month high of $18.24. The company's 50 day moving average is $16.66 and its two-hundred day moving average is $14.94. The stock has a market cap of $2.45 billion, a P/E ratio of 15.92 and a beta of 0.68.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Monday, May 13th. The bank reported $1.03 earnings per share (EPS) for the quarter. The business had revenue of $315.66 million during the quarter. Banc of California had a net margin of 11.49% and a return on equity of 7.99%. Research analysts expect that Banc of California will post 1.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total value of $331,800.00. Following the transaction, the insider directly owned 66,444 shares in the company, valued at approximately $1,102,305.96. This trade represents a 23.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.69% of the company's stock.

Institutional Investors Weigh In On Banc of California

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC grew its position in Banc of California by 22.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank's stock valued at $59,000 after buying an additional 762 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of Banc of California by 210.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock worth $82,000 after acquiring an additional 3,940 shares during the period. CWM LLC lifted its stake in shares of Banc of California by 41.7% in the 1st quarter. CWM LLC now owns 8,049 shares of the bank's stock worth $114,000 after acquiring an additional 2,367 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Banc of California in the first quarter valued at about $123,000. Finally, Xponance Inc. acquired a new position in shares of Banc of California during the first quarter worth about $148,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Company Profile

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.

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