Banc of California Lowered to “Underperform” at Zacks (BANC)
Banc of California (NASDAQ:BANC) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Monday. They currently have a $10.40 target price on the stock. Zacks‘s price objective would indicate a potential downside of 4.76% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Bank of America initiated coverage on shares of Banc of California in a research note on Thursday, May 29th. They set a “buy” rating and a $12.50 price target on the stock. Separately, analysts at Keefe, Bruyette & Woods cut their price target on shares of Banc of California from $13.00 to $11.00 in a research note on Monday, May 19th. Finally, analysts at Davidson cut their price target on shares of Banc of California from $13.50 to $12.50 in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $13.32.
Banc of California (NASDAQ:BANC) traded up 2.01% on Monday, hitting $11.14. The stock had a trading volume of 110,747 shares. Banc of California has a 52 week low of $9.70 and a 52 week high of $15.88. The stock’s 50-day moving average is $10.89 and its 200-day moving average is $12.1. The company’s market cap is $228.0 million.
Banc of California (NASDAQ:BANC) last posted its quarterly earnings results on Friday, May 9th. The company reported ($0.01) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.04 by $0.05. On average, analysts predict that Banc of California will post $0.52 earnings per share for the current fiscal year.
Banc of California, Inc, formerly First PacTrust Bancorp, Inc, is a multi-bank holding company. The Company provides commercial, residential and consumer banking and related financial services through approximately 19 banking offices located in Los Angeles, Orange, San Diego and Riverside, California, and 23 loan production offices in California, Arizona, Oregon and Washington.
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.