Banc of California (NYSE:BANC) Stock Rating Upgraded by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. upgraded Banc of California's stock rating from "neutral" to "overweight," increasing its price target from $17.00 to $20.00, indicating a potential upside of 20.92%.
• Other analysts, including Barclays and Wells Fargo, have also raised their price targets for Banc of California, with an average price target of $18.00 and a consensus rating of "Moderate Buy."
• Despite recent upgrades, Banc of California's shares saw a 0.8% decline, opening at $16.54, with a year-to-date high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) was upgraded by investment analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Wednesday,Benzinga reports. The brokerage currently has a $20.00 price objective on the bank's stock, up from their prior price objective of $17.00. JPMorgan Chase & Co.'s price objective suggests a potential upside of 20.92% from the company's previous close.

Other analysts have also issued research reports about the company. Barclays lifted their price objective on Banc of California from $18.00 to $19.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $18.00 price target (up from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Finally, Wells Fargo & Company increased their price objective on shares of Banc of California from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Monday. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $18.00.

Banc of California Trading Down 0.8%

Shares of BANC stock opened at $16.54 on Wednesday. Banc of California has a 12 month low of $11.52 and a 12 month high of $18.08. The business's 50 day moving average is $15.95 and its two-hundred day moving average is $14.60. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The company has a market cap of $2.44 billion, a PE ratio of 25.45 and a beta of 0.71.

Banc of California (NYSE:BANC - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.03. The firm had revenue of $272.85 million for the quarter, compared to analyst estimates of $278.43 million. Banc of California had a return on equity of 7.37% and a net margin of 8.30%.The company's revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 EPS. Equities analysts predict that Banc of California will post 1.31 EPS for the current 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 dated Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total transaction of $331,800.00. Following the transaction, the insider directly owned 66,444 shares in the company, valued at approximately $1,102,305.96. The trade was a 23.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.69% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BANC. GAMMA Investing LLC lifted 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 acquiring an additional 762 shares in the last quarter. Osaic Holdings Inc. raised its stake in Banc of California by 210.8% in the 2nd quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock valued at $82,000 after acquiring an additional 3,940 shares during the period. CWM LLC raised its position in shares of Banc of California by 41.7% in the first quarter. CWM LLC now owns 8,049 shares of the bank's stock valued at $114,000 after purchasing an additional 2,367 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in Banc of California in the 1st quarter valued at about $123,000. Finally, Xponance Inc. bought a new position in shares of Banc of California during the first quarter worth approximately $148,000. Institutional investors own 86.88% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.