Banc of California (NYSE:BANC) Given New $20.50 Price Target at JPMorgan Chase & Co.

Banc of California (NYSE:BANC) had its price target reduced by JPMorgan Chase & Co. from $25.00 to $20.50 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other equities research analysts have also recently weighed in on BANC. Wall Street Zen upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Barclays increased their price objective on shares of Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. Piper Sandler lifted their target price on shares of Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Keefe, Bruyette & Woods boosted their target price on Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Finally, Wells Fargo & Company upped their price target on Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $20.73.

Banc of California Stock Performance

NYSE BANC opened at $17.71 on Wednesday. The stock has a fifty day simple moving average of $18.76 and a 200-day simple moving average of $18.37. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a market cap of $2.66 billion, a PE ratio of 15.01 and a beta of 0.74. Banc of California has a twelve month low of $11.52 and a twelve month high of $21.61.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the previous year, the firm earned $0.28 EPS. Equities analysts anticipate that Banc of California will post 1.31 earnings per share for the current year.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th were issued a dividend of $0.12 per share. This is a boost from Banc of California’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, March 16th. This represents a $0.48 dividend on an annualized basis and a yield of 2.7%. Banc of California’s dividend payout ratio (DPR) is currently 40.68%.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently modified their holdings of the business. Hsbc Holdings PLC acquired a new stake in shares of Banc of California in the fourth quarter valued at $1,643,000. Invesco Ltd. grew its stake in Banc of California by 3.1% during the 4th quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock worth $115,938,000 after purchasing an additional 181,029 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Banc of California by 44.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 24,463 shares of the bank’s stock worth $472,000 after purchasing an additional 7,551 shares during the period. XTX Topco Ltd increased its holdings in Banc of California by 93.4% during the 4th quarter. XTX Topco Ltd now owns 38,993 shares of the bank’s stock worth $752,000 after purchasing an additional 18,833 shares during the period. Finally, VARCOV Co. acquired a new stake in Banc of California in the 4th quarter valued at about $204,000. Institutional investors and hedge funds 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.