Banc of California (NYSE:BANC) Sees Strong Trading Volume Following Analyst Upgrade

Key Points

• JPMorgan raised its price target on Banc of California from $20.50 to $22.00 with an overweight rating, coinciding with mid-day trading of about 1,593,048 shares as the stock traded at $18.90.
• The stock's consensus from analysts is a "Moderate Buy" with an average price target of $20.41 (1 Strong Buy, 9 Buy, 2 Hold).
• Banc of California reported Q1 EPS of $0.39 (beat by $0.01) and revenue up 7.9% year-over-year, and it raised its quarterly dividend to $0.12 per share (annualized $0.48, ~2.6% yield).

Banc of California, Inc. (NYSE:BANC - Get Free Report) saw unusually-strong trading volume on Friday after JPMorgan Chase & Co. raised their price target on the stock from $20.50 to $22.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Approximately 1,593,048 shares were traded during mid-day trading, a decline of 46% from the previous session's volume of 2,945,887 shares.The stock last traded at $18.90 and had previously closed at $18.90.

BANC has been the topic of several other reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Banc of California in a research report on Wednesday, January 21st. Wall Street Zen upgraded Banc of California from a "sell" rating to a "hold" rating in a research note on Saturday, January 10th. Barclays lowered their price target on Banc of California from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Wells Fargo & Company increased their price objective 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. Finally, Keefe, Bruyette & Woods boosted their target price on Banc of California from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Friday, January 23rd. One equities research 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 price target of $20.41.

Hedge Funds Weigh In On Banc of California

A number of institutional investors and hedge funds have recently modified their holdings of BANC. Bank of America Corp DE increased its position in Banc of California by 243.9% during the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank's stock valued at $56,782,000 after acquiring an additional 2,433,394 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Banc of California by 45.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank's stock valued at $83,635,000 after purchasing an additional 1,576,914 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Banc of California during the 2nd quarter valued at about $17,400,000. North Reef Capital Management LP bought a new position in shares of Banc of California in the 4th quarter worth approximately $22,312,000. Finally, Millennium Management LLC boosted its holdings in shares of Banc of California by 276.5% in the third quarter. Millennium Management LLC now owns 1,278,974 shares of the bank's stock worth $21,167,000 after buying an additional 939,318 shares during the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Banc of California Price Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market capitalization of $2.80 billion, a P/E ratio of 14.23 and a beta of 0.74. The firm's 50-day moving average is $18.14 and its 200-day moving average is $18.54.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $275.97 million during the quarter, compared to the consensus estimate of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.31%. The company's revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.26 EPS. Analysts predict that Banc of California, Inc. will post 1.74 EPS for the current fiscal year.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Monday, March 16th were given a dividend of $0.12 per share. This is an increase from Banc of California's previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, March 16th. Banc of California's dividend payout ratio (DPR) is 40.68%.

Banc of California Company Profile

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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