Banc of California (NYSE:BANC) Price Target Raised to $24.00 at JPMorgan Chase & Co.

Banc of California (NYSE:BANC) had its price target increased by JPMorgan Chase & Co. from $21.00 to $24.00 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other analysts also recently issued reports about the company. Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a report on Wednesday, October 8th. Citigroup raised Banc of California from a “neutral” rating to a “buy” rating and increased their price target for the stock from $18.00 to $21.50 in a report on Monday, October 27th. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Wells Fargo & Company upped their price objective on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.55.

Banc of California Stock Performance

Shares of Banc of California stock opened at $19.68 on Tuesday. The firm’s fifty day simple moving average is $17.66 and its 200-day simple moving average is $16.15. Banc of California has a 12 month low of $11.52 and a 12 month high of $20.17. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 18.92 and a beta of 0.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Monday, May 13th. The bank reported $1.03 earnings per share (EPS) for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 8.00%. The company had revenue of $315.66 million for the quarter. As a group, equities analysts forecast that Banc of California will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, December 15th. Banc of California’s payout ratio is presently 38.46%.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently made changes to their positions in BANC. Triumph Capital Management acquired a new position in Banc of California during the third quarter worth about $25,000. Advisory Services Network LLC purchased a new stake in shares of Banc of California during the 3rd quarter worth approximately $36,000. GAMMA Investing LLC grew its holdings in shares of Banc of California by 22.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock worth $59,000 after acquiring an additional 762 shares during the period. Aster Capital Management DIFC Ltd grew its holdings in shares of Banc of California by 145.1% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock worth $69,000 after acquiring an additional 2,475 shares during the period. Finally, Danske Bank A S purchased a new position in Banc of California in the 3rd quarter valued at approximately $70,000. Institutional investors and hedge funds 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.