Banc of California, Inc. (BANC) Rating Lowered to Sell at BidaskClub
Banc of California, Inc. (NYSE:BANC) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Friday.
BANC has been the topic of a number of other research reports. Keefe, Bruyette & Woods set a $22.00 target price on Banc of California and gave the stock a “hold” rating in a report on Thursday, July 6th. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a report on Saturday, June 3rd. Zacks Investment Research downgraded Banc of California from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, FBR & Co reduced their target price on Banc of California from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $22.50.
Shares of Banc of California (NYSE:BANC) traded down 0.26% during trading on Friday, reaching $19.35. The company’s stock had a trading volume of 546,751 shares. Banc of California has a 12-month low of $10.93 and a 12-month high of $23.25. The stock has a market cap of $973.09 million, a P/E ratio of 12.97 and a beta of 0.97. The stock’s 50-day moving average is $20.67 and its 200-day moving average is $20.33.
Banc of California (NYSE:BANC) last posted its earnings results 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. Banc of California had a return on equity of 14.44% and a net margin of 17.12%. The firm had revenue of $81.21 million for the quarter, compared to analysts’ expectations of $97.94 million. During the same quarter last year, the company posted $0.46 EPS. Equities research analysts anticipate that Banc of California will post $0.76 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Banc of California by 48,720.8% in the first quarter. BlackRock Inc. now owns 6,494,627 shares of the bank’s stock worth $134,438,000 after buying an additional 6,481,324 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Banc of California by 939.7% in the first quarter. Wellington Management Group LLP now owns 1,915,231 shares of the bank’s stock worth $39,645,000 after buying an additional 1,731,026 shares in the last quarter. EJF Capital LLC bought a new stake in shares of Banc of California during the first quarter worth approximately $21,011,000. Victory Capital Management Inc. boosted its stake in shares of Banc of California by 18,754.8% in the first quarter. Victory Capital Management Inc. now owns 802,649 shares of the bank’s stock worth $16,615,000 after buying an additional 798,392 shares in the last quarter. Finally, Montag A & Associates Inc. bought a new stake in shares of Banc of California during the first quarter worth approximately $9,763,000.
About Banc of California
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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