JPMorgan Chase & Co. Issues Pessimistic Forecast for Banc of California (NYSE:BANC) Stock Price

Banc of California (NYSE:BANC - Get Free Report) had its target price reduced by research analysts at JPMorgan Chase & Co. from $16.00 to $15.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the bank's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 13.68% from the stock's current price.

Several other research analysts have also recently commented on the company. Raymond James boosted their price target on Banc of California from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, January 24th. Barclays reduced their target price on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. StockNews.com upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a research note on Friday, January 24th. Wells Fargo & Company decreased their price objective on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Finally, Stephens restated an "equal weight" rating and issued a $15.00 target price on shares of Banc of California in a research note on Monday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.25.

Banc of California Stock Down 0.0 %

NYSE BANC traded down $0.01 on Monday, reaching $13.20. The company had a trading volume of 284,973 shares, compared to its average volume of 2,617,555. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. Banc of California has a 1 year low of $11.52 and a 1 year high of $18.08. The firm has a 50-day moving average of $13.74 and a 200-day moving average of $15.20. The firm has a market capitalization of $2.10 billion, a PE ratio of 23.56 and a beta of 0.85.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. The business had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. On average, equities research analysts anticipate that Banc of California will post 1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Banc of California

Institutional investors and hedge funds have recently bought and sold shares of the stock. PL Capital Advisors LLC boosted its holdings in shares of Banc of California by 1,446.0% in the fourth quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock valued at $722,823,000 after acquiring an additional 43,730,207 shares in the last quarter. Wellington Management Group LLP grew its holdings in Banc of California by 274.6% during the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock worth $83,377,000 after acquiring an additional 3,953,380 shares during the period. Millennium Management LLC raised its position in Banc of California by 2,119.0% in the fourth quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock worth $44,477,000 after acquiring an additional 2,747,262 shares in the last quarter. Algert Global LLC boosted its position in shares of Banc of California by 701.9% during the 4th quarter. Algert Global LLC now owns 952,674 shares of the bank's stock valued at $14,728,000 after purchasing an additional 833,874 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of Banc of California by 6.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank's stock worth $168,716,000 after purchasing an additional 644,330 shares during the last quarter. 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.

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