Banc of California (NYSE:BANC) Given New $24.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on Banc of California from $22 to $24 and kept an overweight rating, implying about 16.8% upside from the current price.
• Analyst sentiment remains broadly positive: the stock has a consensus Buy rating and an average price target of $22.56, with several firms recently reiterating or raising targets.
• Banc of California shares were up 0.6% to $20.55, and the company recently reported better-than-expected EPS of $0.39 on revenue of $286.95 million for the quarter.

Banc of California (NYSE:BANC - Get Free Report) had its target price boosted by research analysts at JPMorgan Chase & Co. from $22.00 to $24.00 in a 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 points to a potential upside of 16.78% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. Barclays cut their target price on shares of Banc of California from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 7th. Weiss Ratings cut shares of Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 4th. Piper Sandler upped their price target on Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, April 27th. DA Davidson reaffirmed a "buy" rating and issued a $24.00 price objective on shares of Banc of California in a report on Tuesday, April 28th. Finally, Wells Fargo & Company lifted their price target on shares of Banc of California from $20.00 to $22.00 and gave the stock an "overweight" rating in a research note on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $22.56.

Banc of California Trading Up 0.6%

BANC traded up $0.12 during midday trading on Wednesday, reaching $20.55. 212,603 shares of the company's stock traded hands, compared to its average volume of 2,923,296. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 15.71 and a beta of 0.74. Banc of California has a 52 week low of $13.96 and a 52 week high of $21.61. The firm has a fifty day moving average of $19.26 and a two-hundred day moving average of $19.15. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The company had revenue of $286.95 million during the quarter, compared to the consensus estimate of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 earnings per share. On average, equities analysts anticipate that Banc of California will post 1.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Banc of California

A number of institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in shares of Banc of California by 9.4% in the first quarter. Royal Bank of Canada now owns 74,043 shares of the bank's stock worth $1,050,000 after buying an additional 6,364 shares in the last quarter. AQR Capital Management LLC grew its stake in Banc of California by 209.4% during the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank's stock valued at $1,462,000 after acquiring an additional 69,739 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Banc of California by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank's stock valued at $1,173,000 after acquiring an additional 3,611 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings 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 acquiring an additional 297,680 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Banc of California by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank's stock valued at $6,270,000 after acquiring an additional 4,263 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.

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