Banc of California (NYSE:BANC) Stock Rating Lowered by Wall Street Zen

Banc of California (NYSE:BANC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Several other equities analysts have also recently weighed in on BANC. Raymond James Financial upgraded Banc of California from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Wells Fargo & Company increased their target price on shares of Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on shares of Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Barclays increased their price objective on shares of Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Banc of California currently has an average rating of “Moderate Buy” and a consensus price target of $19.95.

Banc of California Stock Performance

Shares of BANC opened at $19.70 on Friday. The firm has a market capitalization of $2.98 billion, a P/E ratio of 18.94 and a beta of 0.72. Banc of California has a 52 week low of $11.52 and a 52 week high of $20.17. The stock has a 50 day moving average price of $17.80 and a two-hundred day moving average price of $16.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last posted its earnings results on Monday, May 13th. The bank reported $1.03 earnings per share for the quarter. The company had revenue of $315.66 million for the quarter. Banc of California had a return on equity of 8.00% and a net margin of 11.49%. Equities analysts forecast that Banc of California will post 1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BANC. Triumph Capital Management bought a new stake in shares of Banc of California in the 3rd quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in shares of Banc of California during the 3rd quarter valued at approximately $36,000. GAMMA Investing LLC lifted its stake in shares of Banc of California by 22.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock valued at $59,000 after buying an additional 762 shares in the last quarter. Aster Capital Management DIFC Ltd boosted its holdings in Banc of California by 145.1% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock worth $69,000 after buying an additional 2,475 shares during the period. Finally, Danske Bank A S purchased a new position in Banc of California in the 3rd quarter valued at approximately $70,000. 86.88% of the stock is owned by institutional investors.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.