JPMorgan Chase & Co. Begins Coverage on Banc of California (NYSE:BANC)

JPMorgan Chase & Co. started coverage on shares of Banc of California (NYSE:BANC - Free Report) in a report released on Friday morning, Marketbeat reports. The firm issued a neutral rating and a $18.00 target price on the bank's stock.

A number of other research analysts also recently issued reports on BANC. StockNews.com upgraded Banc of California from a "sell" rating to a "hold" rating in a research note 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 stock an "outperform" rating in a research report on Friday, January 24th. Keefe, Bruyette & Woods increased their target price on shares of Banc of California from $17.50 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised shares of Banc of California from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $17.00 to $20.00 in a report on Monday, January 6th. Finally, Barclays reduced their price objective on Banc of California from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Friday, January 24th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Banc of California has a consensus rating of "Moderate Buy" and a consensus target price of $18.18.

Banc of California Stock Up 1.2 %

BANC stock traded up $0.20 during mid-day trading on Friday, reaching $16.35. 328,612 shares of the company traded hands, compared to its average volume of 1,798,392. The firm's 50 day moving average price is $16.01 and its 200 day moving average price is $15.23. Banc of California has a fifty-two week low of $11.88 and a fifty-two week high of $18.08. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 29.19 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 (NYSE:BANC - Get Free Report) last posted its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. As a group, equities research analysts predict that Banc of California will post 1.33 EPS for the current fiscal year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Friday, March 14th. Banc of California's payout ratio is 71.43%.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC purchased a new stake in Banc of California in the third quarter worth approximately $29,000. Picton Mahoney Asset Management purchased a new position in Banc of California during the 4th quarter valued at about $30,000. SBI Securities Co. Ltd. purchased a new stake in shares of Banc of California in the 4th quarter worth about $36,000. GAMMA Investing LLC boosted its stake in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock valued at $44,000 after purchasing an additional 734 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in shares of Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock valued at $55,000 after purchasing an additional 928 shares in the last quarter. Hedge funds and other 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.