Banc of California (NYSE:BANC) Coverage Initiated at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Banc of California (NYSE:BANC) in a research report sent to investors on Friday, Marketbeat reports. The firm issued a neutral rating and a $18.00 price objective on the bank’s stock.

Several other research analysts have also issued reports on the company. DA Davidson increased their price target on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays reduced their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, January 24th. StockNews.com upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Friday, January 24th. Raymond James lifted their price objective on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.18.

Banc of California Stock Performance

Shares of BANC stock opened at $16.27 on Friday. The firm has a 50 day moving average of $16.03 and a 200-day moving average of $15.18. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 29.05 and a beta of 1.14. 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 $11.88 and a 52 week high of $18.08.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. On average, equities analysts forecast that Banc of California will post 1.35 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.46%. Banc of California’s payout ratio is presently 71.43%.

Institutional Trading of Banc of California

A number of institutional investors and hedge funds have recently modified their holdings of the business. Future Financial Wealth Managment LLC bought a new position in Banc of California in the 3rd quarter valued at $29,000. SBI Securities Co. Ltd. purchased a new position in shares of Banc of California in the 4th quarter worth about $36,000. GAMMA Investing LLC grew its position in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the period. Jones Financial Companies Lllp increased its holdings in Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock worth $55,000 after buying an additional 928 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock worth $68,000 after acquiring an additional 2,926 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.