Banc of California, Inc. (BANC) Rating Lowered to Sell at BidaskClub
Banc of California, Inc. (NYSE:BANC) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
A number of other research firms have also recently weighed in on BANC. Zacks Investment Research cut Banc of California from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. ValuEngine cut Banc of California from a “buy” rating to a “hold” rating in a report on Friday, July 14th. FBR & Co reaffirmed a “buy” rating and set a $24.00 price target on shares of Banc of California in a report on Thursday, October 26th. Finally, Keefe, Bruyette & Woods set a $20.00 price target on Banc of California and gave the company a “hold” rating in a report on Monday, August 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $22.67.
Shares of Banc of California (BANC) opened at $19.70 on Thursday. The firm has a market capitalization of $997.31, a P/E ratio of 15.71, a PEG ratio of 1.85 and a beta of 0.95. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 2.21. Banc of California has a twelve month low of $13.20 and a twelve month high of $23.25.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.04. The company had revenue of $93.40 million for the quarter, compared to analysts’ expectations of $84.24 million. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. During the same quarter in the previous year, the company posted $0.59 earnings per share. sell-side analysts forecast that Banc of California will post 0.87 EPS for the current year.
In related news, CEO Douglas H. Bowers acquired 57,000 shares of the 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 completion of the purchase, the chief executive officer now directly owns 92,000 shares of the company’s stock, valued at $1,615,520. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 16.89% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. acquired a new position in shares of Banc of California during the first quarter valued at approximately $109,000. Massey Quick Simon & CO. LLC acquired a new position in shares of Banc of California during the third quarter valued at approximately $179,000. Quantbot Technologies LP grew its position in Banc of California by 193.0% in the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock worth $193,000 after buying an additional 6,140 shares during the last quarter. JPMorgan Chase & Co. grew its position in Banc of California by 6,699.3% in the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after buying an additional 9,312 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in Banc of California by 80.3% in the second quarter. State of Alaska Department of Revenue now owns 9,864 shares of the bank’s stock worth $212,000 after buying an additional 4,394 shares during the last quarter.
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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