Banc of California (NYSE:BANC) Price Target Raised to $16.00 at JPMorgan Chase & Co.

Banc of California (NYSE:BANC - Get Free Report) had its price objective hoisted by JPMorgan Chase & Co. from $15.00 to $16.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 11.81% from the company's previous close.

A number of other analysts have also commented on the stock. Robert W. Baird reduced their price target on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Barclays dropped their target price on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company decreased their target price on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Jefferies Financial Group began coverage on Banc of California in a research note on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price target on the stock. Finally, Stephens reaffirmed an "equal weight" rating and issued a $15.00 price objective on shares of Banc of California in a report on Monday, April 28th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.25.

Banc of California Stock Up 1.9%

BANC traded up $0.26 during trading on Tuesday, hitting $14.31. 2,882,691 shares of the company's stock traded hands, compared to its average volume of 2,294,753. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 22.02 and a beta of 0.67. The company's 50 day simple moving average is $13.85 and its two-hundred day simple moving average is $14.47. Banc of California has a 12-month low of $11.52 and a 12-month high of $18.08. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. Banc of California had a return on equity of 6.30% and a net margin of 8.23%. The firm had revenue of $266.01 million for the quarter, compared to the consensus estimate of $272.36 million. During the same period in the prior year, the company posted $0.19 earnings per share. The company's quarterly revenue was up 1.2% on a year-over-year basis. Analysts predict that Banc of California will post 1.31 earnings per share for the current fiscal year.

Insider Activity at Banc of California

In other news, Director James Andrew Barker bought 10,000 shares of the firm's stock in a transaction on Tuesday, April 29th. The shares were bought at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director owned 169,680 shares in the company, valued at approximately $2,232,988.80. The trade was a 6.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the completion of the sale, the insider directly owned 30,902 shares of the company's stock, valued at approximately $419,649.16. This trade represents a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,000 shares of company stock worth $1,208,000. 2.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Banc of California

Large investors have recently made changes to their positions in the business. Picton Mahoney Asset Management bought a new stake in Banc of California during the 4th quarter valued at approximately $30,000. SBI Securities Co. Ltd. purchased a new stake in Banc of California during the 4th quarter valued at approximately $36,000. Jones Financial Companies Lllp raised its position in shares of Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after buying an additional 928 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock worth $68,000 after buying an additional 2,926 shares in the last quarter. Finally, Summit Securities Group LLC bought a new position in shares of Banc of California during the fourth quarter worth $97,000. 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.