Banc of California (NYSE:BANC) Upgraded by UBS Group to Hold Rating

Banc of California (NYSE:BANC) was upgraded by analysts at UBS Group to a “hold” rating in a report released on Monday, Zacks reports.

Several other equities research analysts have also recently weighed in on BANC. Wells Fargo & Company began coverage on Banc of California in a research note on Monday, August 10th. They set an “overweight” rating and a $23.00 target price for the company. Citigroup dropped their price target on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Barclays set a $10.00 price objective on shares of Banc of California in a research report on Tuesday. Finally, Wall Street Zen cut shares of Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Banc of California Stock Up 0.7%

Banc of California stock opened at $18.59 on Monday. Banc of California has a 1-year low of $15.33 and a 1-year high of $21.93. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The stock has a market cap of $2.95 billion, a PE ratio of -44.27 and a beta of 0.73. The stock’s fifty day moving average is $19.52 and its two-hundred day moving average is $18.99.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). The business had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company’s revenue was down 94.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.31 earnings per share. On average, sell-side analysts expect that Banc of California will post 1.68 EPS for the current fiscal year.

Insider Transactions at Banc of California

In other Banc of California news, insider Olivia Lindsay sold 6,000 shares of Banc of California stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the transaction, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the completion of the transaction, the general counsel directly owned 45,702 shares in the company, valued at approximately $836,346.60. The trade was a 18.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.78% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP raised its holdings in shares of Banc of California by 8.8% in the second quarter. Engineers Gate Manager LP now owns 232,431 shares of the bank’s stock worth $4,749,000 after acquiring an additional 18,862 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Banc of California in the second quarter valued at $70,000. Squarepoint Ops LLC boosted its stake in shares of Banc of California by 417.1% during the second quarter. Squarepoint Ops LLC now owns 323,256 shares of the bank’s stock valued at $6,604,000 after acquiring an additional 260,741 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Banc of California by 14.4% during the second quarter. Arizona State Retirement System now owns 40,310 shares of the bank’s stock valued at $824,000 after acquiring an additional 5,078 shares during the last quarter. Finally, Nykredit A S purchased a new stake in Banc of California during the 2nd quarter worth about $61,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Company Profile

Banc of California, Inc is the holding company for Banc of California, a relationship-focused financial institution headquartered in California. The bank provides banking and financial services to businesses, entrepreneurs, professionals, individuals and families, with a focus on supporting the state’s local communities and economy.

Its offerings include commercial and industrial lending, commercial real estate financing, residential mortgage lending, consumer loans, business and personal deposit accounts, treasury management, online and mobile banking, and other cash-management services.