Banc of California (NYSE:BANC) Now Covered by JPMorgan Chase & Co.

Equities researchers at JPMorgan Chase & Co. started coverage on shares of Banc of California (NYSE:BANC) in a research note issued to investors on Friday,Benzinga reports. The firm set a “neutral” rating and a $18.00 price target on the bank’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 8.93% from the company’s previous close.

Several other analysts have also commented on BANC. Barclays lowered their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, January 24th. Raymond James increased their target price on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. Wedbush lifted their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $17.00 to $20.00 in a report on Monday, January 6th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Banc of California has an average rating of “Moderate Buy” and a consensus target price of $18.18.

Banc of California Stock Performance

Shares of BANC stock opened at $16.52 on Friday. The stock has a fifty day moving average price of $16.05 and a 200 day moving average price of $15.17. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market cap of $2.62 billion, a PE ratio of 29.51 and a beta of 1.14. Banc of California has a 1 year low of $11.88 and a 1 year high of $18.08.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Sell-side analysts forecast that Banc of California will post 1.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Banc of California

A number of large investors have recently bought and sold shares of BANC. Marshall Wace LLP purchased a new position in shares of Banc of California in the 2nd quarter worth $166,000. The Manufacturers Life Insurance Company raised its holdings in shares of Banc of California by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock worth $989,000 after purchasing an additional 1,939 shares during the period. Algert Global LLC acquired a new position in shares of Banc of California in the 2nd quarter valued at about $182,000. GAMMA Investing LLC grew its holdings in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new stake in Banc of California during the 3rd quarter worth approximately $29,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.