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

Key Points

• JPMorgan Chase cut its price target on Banc of California from $25.00 to $20.50 while keeping an "overweight" rating, implying roughly a 15.7% upside from the prior close.
• The analyst consensus is a "Moderate Buy" with an average price target of $20.73; most brokers rate the stock Buy or Outperform (1 Strong Buy, 9 Buy, 2 Hold).
• BANC trades near $17.71 with a $2.66 billion market cap and a P/E of ~15, and it recently beat quarterly EPS and revenue estimates ($0.42 vs. $0.37 EPS).

Banc of California (NYSE:BANC - Get Free Report) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $25.00 to $20.50 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 15.73% from the stock's previous close.

A number of other equities analysts have also recently issued reports on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Banc of California in a report on Wednesday, January 21st. Wells Fargo & Company boosted their price target on Banc of California from $20.00 to $22.00 and gave the company an "overweight" rating in a research note on Monday. Barclays upped their price target on Banc of California from $21.00 to $25.00 and gave the company an "overweight" rating in a research report on Friday, December 19th. Keefe, Bruyette & Woods increased their price objective on Banc of California from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Friday, January 23rd. Finally, Piper Sandler boosted their target price on shares of Banc of California from $24.00 to $25.00 and gave the company an "overweight" rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.73.

Banc of California Price Performance

Shares of Banc of California stock traded up $0.13 during trading on Wednesday, hitting $17.71. 2,675,518 shares of the company's stock traded hands, compared to its average volume of 2,925,891. The company has a market cap of $2.66 billion, a PE ratio of 15.01 and a beta of 0.73. The firm's fifty day moving average price is $18.82 and its 200 day moving average price is $18.37. Banc of California has a twelve month low of $11.52 and a twelve month high of $21.61. 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 (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.05. The firm had revenue of $292.93 million during the quarter, compared to analyst estimates of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same quarter in the prior year, the business posted $0.28 earnings per share. Analysts forecast that Banc of California will post 1.31 earnings per share for the current year.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Triumph Capital Management bought a new stake in shares of Banc of California during the third quarter worth $25,000. Navalign LLC bought a new position in shares of Banc of California in the fourth quarter valued at about $27,000. Orion Capital Management LLC acquired a new position in Banc of California during the 4th quarter worth about $35,000. Advisory Services Network LLC bought a new stake in Banc of California during the 3rd quarter worth about $36,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock worth $39,000 after acquiring an additional 564 shares during the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

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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