Banc Of California Jumps On J.P. Morgan Upgrade

Banc of California BANC got a lift Wednesday morning after J.P. Morgan turned more bullish on the regional lender, with the stock tracking in the green.

Analyst Anthony Elian upgraded the stock to Overweight from Neutral, saying the bank looks well-placed to benefit as funding costs come down with lower short-term rates. He added that Banc of California could surprise to the upside on its 2025 goals for both loans and deposits, which management has pegged to grow in the mid-single digits.

Elian also pointed out that the bank may have more room to trim expenses than current guidance suggests, putting it on J.P. Morgan's positive catalyst watch.

The upgrade stands in contrast to Seeking Alpha's Quant system, which still flashes a Sell, though it lines up with the average Wall Street rating of Buy. For now, investors seem to be siding with J.P. Morgan's take, nudging the stock higher ahead of the open.