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

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

Other research analysts have also issued reports about the stock. Barclays decreased their price target on shares of Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company cut their price objective on shares of Banc of California from $20.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. StockNews.com raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. Robert W. Baird cut their price objective on shares of Banc of California from $19.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, April 25th. Finally, Raymond James increased their price objective on shares of 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 research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.25.

Banc of California Stock Down 0.4 %

Shares of Banc of California stock opened at $13.49 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The company has a 50-day moving average of $13.62 and a 200 day moving average of $15.17. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 24.09 and a beta of 0.85. Banc of California has a 1 year low of $11.52 and a 1 year high of $18.08.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The company had revenue of $266.01 million during the quarter, compared to analyst estimates of $272.36 million. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Banc of California’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business earned $0.19 EPS. As a group, sell-side 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. Stockholders of record on Friday, March 14th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Friday, March 14th. Banc of California’s payout ratio is presently 61.54%.

Insider Activity at Banc of California

In other Banc of California news, Director James Andrew Barker acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, April 29th. The stock was purchased at an average price of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director now directly owns 169,680 shares in the company, valued at approximately $2,232,988.80. The trade was a 6.26 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Banc of California

Hedge funds have recently modified their holdings of the business. Picton Mahoney Asset Management bought a new stake in shares of Banc of California during the 4th quarter valued at $30,000. SBI Securities Co. Ltd. bought a new position in Banc of California in the 4th quarter worth $36,000. Jones Financial Companies Lllp boosted its holdings in Banc of California by 35.1% in the 4th 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 period. Smartleaf Asset Management LLC boosted its holdings in Banc of California by 205.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock worth $68,000 after buying an additional 2,926 shares during the period. Finally, Summit Securities Group LLC bought a new position in Banc of California in the 4th quarter worth $97,000. Institutional investors own 86.88% of the company’s stock.

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.