Banc of California rises after JPM upgrades stock to 'overweight'​​​​​​​​​​​​​​​​​

Banc of California

01/10/2025 14:39

** Regional lender Banc of California's BANC.N shares rise 0.8% to $16.69

** J.P.Morgan upgrades BANC to "overweight" from "neutral"; raises PT to $20 from $17, a 21% upside to stock's last close

** Brokerage sees BANC among the best positioned regional banks to benefit from the recent rate cut by the Federal Reserve

** Rate cut expected to boost interest income for banks beginning in Q4 as they reduce their deposit costs over the near term

** JPM also sees upside to BANC's annual loan and deposit growth outlooks and opportunity for the bank to outperform its expense forecast

** 9 of 11 brokerages rate the stock "buy" or higher and 2 "hold"; median PT $18 - data compiled by LSEG

** As of last close, BANC shares up 7.1% YTD‚Äã

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 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))