JPMorgan Chase & Co. Cuts Banc of California (NYSE:BANC) Price Target to $20.50
by Kim Johansen · The Markets DailyBanc of California (NYSE:BANC – Free Report) had its target price trimmed by JPMorgan Chase & Co. from $25.00 to $20.50 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.
Several other brokerages have also issued reports on BANC. Wells Fargo & Company increased their price target on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods upped their price target on Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Barclays increased their price objective on shares of Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, December 19th. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. One investment 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 data from MarketBeat, Banc of California currently has an average rating of “Moderate Buy” and a consensus price target of $20.45.
Get Our Latest Stock Analysis on BANC
Banc of California Stock Performance
Shares of BANC stock opened at $17.61 on Wednesday. The stock has a fifty day moving average of $18.65 and a 200 day moving average of $18.37. Banc of California has a 52 week low of $11.52 and a 52 week high of $21.61. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 14.92 and a beta of 0.74.
Banc of California (NYSE:BANC – Get Free Report) last announced its earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The firm had revenue of $292.93 million for the quarter, compared to analyst estimates of $288.41 million. During the same quarter in the previous year, the firm posted $0.28 EPS. As a group, research analysts expect that Banc of California will post 1.31 earnings per share for the current year.
Banc of California Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Monday, March 16th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.7%. This is an increase from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Monday, March 16th. Banc of California’s payout ratio is currently 40.68%.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its holdings 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 buying an additional 2,433,394 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Banc of California by 45.4% during the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock worth $83,635,000 after acquiring an additional 1,576,914 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Banc of California during the second quarter worth about $17,400,000. North Reef Capital Management LP acquired a new position in shares of Banc of California during the fourth quarter valued at about $22,312,000. Finally, FJ Capital Management LLC increased its holdings in shares of Banc of California by 265.8% during the second quarter. FJ Capital Management LLC now owns 1,365,440 shares of the bank’s stock valued at $19,184,000 after acquiring an additional 992,154 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.
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.