Banc of California (NYSE:BANC) Price Target Raised to $24.00

Banc of California (NYSE:BANC) had its price target lifted by analysts at JPMorgan Chase & Co. from $22.00 to $24.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 16.78% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Wells Fargo & Company lifted 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. Piper Sandler upped their target price on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. DA Davidson reiterated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a report on Tuesday, April 28th. Finally, Barclays decreased their price target on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Banc of California has an average rating of “Buy” and a consensus price target of $22.56.

Banc of California Price Performance

Shares of BANC traded up $0.12 during mid-day trading on Wednesday, hitting $20.55. 212,603 shares of the stock were exchanged, compared to its average volume of 2,923,296. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $3.17 billion, a PE ratio of 15.71 and a beta of 0.74. Banc of California has a 52-week low of $13.96 and a 52-week high of $21.61. The firm has a 50-day moving average of $19.26 and a two-hundred day moving average of $19.15.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The firm had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. During the same period last year, the firm posted $0.26 earnings per share. Banc of California’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts predict that Banc of California will post 1.71 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BANC. Bank of America Corp DE increased its position in Banc of California by 243.9% during the 3rd quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after purchasing an additional 2,433,394 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Banc of California by 45.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock worth $83,635,000 after purchasing an additional 1,576,914 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Banc of California during the second quarter valued at approximately $17,400,000. North Reef Capital Management LP bought a new position in shares of Banc of California during the fourth quarter valued at approximately $22,312,000. Finally, Millennium Management LLC increased its holdings in Banc of California by 276.5% during the third quarter. Millennium Management LLC now owns 1,278,974 shares of the bank’s stock valued at $21,167,000 after buying an additional 939,318 shares during the period. 86.88% of the stock is currently owned by institutional investors.

Banc of California Company Profile

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.