Banc of California, Inc. (NYSE:BANC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “Banc of California, Inc. provides comprehensive banking services to California’s diverse private businesses, entrepreneurs and homeowners. It is the parent company of Banc of California, National Association. “
Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 11th. Keefe, Bruyette & Woods set a $22.00 price target on shares of Banc of California and gave the company a “hold” rating in a research report on Thursday, July 6th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Saturday, June 3rd. FBR & Co cut their price objective on shares of Banc of California from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, May 4th. Finally, BidaskClub downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Banc of California currently has a consensus rating of “Hold” and an average target price of $22.50.
Shares of Banc of California (NYSE:BANC) traded up 1.48% during trading on Monday, reaching $20.55. 1,698,653 shares of the company’s stock were exchanged. Banc of California has a 12-month low of $10.93 and a 12-month high of $23.25. The company has a 50 day moving average of $21.13 and a 200 day moving average of $20.08. The stock has a market cap of $1.03 billion, a P/E ratio of 13.77 and a beta of 0.97.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $81.21 million during the quarter, compared to analyst estimates of $97.94 million. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. During the same quarter last year, the firm posted $0.46 EPS. Equities research analysts anticipate that Banc of California will post $0.96 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Thrivent Financial for Lutherans raised its stake in Banc of California by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 26,640 shares of the bank’s stock worth $462,000 after buying an additional 1,360 shares in the last quarter. Teachers Advisors LLC increased its stake in Banc of California by 13.9% in the fourth quarter. Teachers Advisors LLC now owns 80,245 shares of the bank’s stock worth $1,392,000 after buying an additional 9,785 shares during the last quarter. Creative Planning increased its stake in Banc of California by 112.5% in the first quarter. Creative Planning now owns 5,523 shares of the bank’s stock worth $114,000 after buying an additional 2,924 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Banc of California during the first quarter worth $356,000. Finally, Louisiana State Employees Retirement System increased its stake in Banc of California by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 20,200 shares of the bank’s stock worth $418,000 after buying an additional 300 shares during the last quarter.
Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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