Banc of California (NYSE:BANC) Price Target Lowered to $15.00 at JPMorgan Chase & Co.

Banc of California (NYSE:BANC) had its target price lowered by JPMorgan Chase & Co. from $16.00 to $15.00 in a research report released on Monday,Benzinga reports. The firm currently has a neutral rating on the bank’s stock.

BANC has been the topic of a number of other reports. Barclays cut their target price on Banc of California from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. StockNews.com raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Stephens restated an “equal weight” rating and issued a $15.00 price target on shares of Banc of California in a research note on Monday. Robert W. Baird reduced their price objective on Banc of California from $19.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Raymond James raised their target price on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, January 24th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.25.

Banc of California Trading Down 0.8 %

Shares of NYSE BANC opened at $13.09 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California has a 52-week low of $11.52 and a 52-week high of $18.08. The stock’s 50 day moving average price is $13.69 and its two-hundred day moving average price is $15.19. The stock has a market capitalization of $2.08 billion, a P/E ratio of 23.38 and a beta of 0.85.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. Banc of California’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, analysts anticipate that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.10 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.06%. Banc of California’s dividend payout ratio is currently 61.54%.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently modified their holdings of the stock. Picton Mahoney Asset Management purchased a new stake in shares of Banc of California during the fourth quarter valued at $30,000. SBI Securities Co. Ltd. acquired a new position in shares of Banc of California in the fourth quarter worth about $36,000. Jones Financial Companies Lllp increased its position in shares of Banc of California by 35.1% in the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock worth $55,000 after acquiring an additional 928 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Banc of California by 205.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock valued at $68,000 after acquiring an additional 2,926 shares during the period. Finally, Summit Securities Group LLC purchased a new stake in shares of Banc of California in the 4th quarter valued at approximately $97,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.