Banc of California (BANC) Rating Lowered to Buy at ValuEngine

Banc of California (NYSE:BANC) was downgraded by research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued on Friday.

Several other brokerages have also issued reports on BANC. BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. Keefe, Bruyette & Woods set a $20.00 target price on Banc of California and gave the company a “hold” rating in a research note on Monday, August 28th. Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. Finally, FBR & Co restated a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $22.67.

Shares of Banc of California (NYSE BANC) traded down $0.25 on Friday, hitting $22.30. The company had a trading volume of 797,403 shares, compared to its average volume of 697,782. The company has a debt-to-equity ratio of 2.21, a current ratio of 0.91 and a quick ratio of 0.91. Banc of California has a 1-year low of $14.40 and a 1-year high of $23.40. The firm has a market cap of $1,120.00, a price-to-earnings ratio of 17.70, a PEG ratio of 2.05 and a beta of 0.97.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. The business had revenue of $93.40 million during the quarter, compared to analyst estimates of $84.24 million. During the same period in the previous year, the firm earned $0.59 EPS. research analysts anticipate that Banc of California will post 0.88 EPS for the current fiscal year.

In other Banc of California news, CEO Douglas H. Bowers purchased 57,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the purchase, the chief executive officer now owns 92,000 shares in the company, valued at $1,615,520. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 30,000 shares of company stock worth $14,000. 16.89% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of BANC. Oppenheimer Asset Management Inc. grew its holdings in shares of Banc of California by 13.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock worth $129,000 after purchasing an additional 718 shares in the last quarter. Massey Quick Simon & CO. LLC acquired a new stake in shares of Banc of California during the 3rd quarter worth $179,000. Quantbot Technologies LP grew its holdings in shares of Banc of California by 193.0% during the 3rd quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock worth $193,000 after purchasing an additional 6,140 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Banc of California by 6,699.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after purchasing an additional 9,312 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of Banc of California by 80.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 9,864 shares of the bank’s stock worth $212,000 after purchasing an additional 4,394 shares in the last quarter.

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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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