Banc of California (NYSE:BANC) Downgraded to Strong Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Banc of California (NYSE:BANC) from a sell rating to a strong sell rating in a research note published on Saturday,Wall Street Zen reports.

Several other analysts also recently issued reports on the company. Barclays set a $10.00 target price on Banc of California in a research note on Tuesday. Citigroup cut their price objective on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a report on Friday, July 31st. Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Finally, Wells Fargo & Company began coverage on shares of Banc of California in a report on Monday, August 10th. They issued an “overweight” rating and a $23.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $21.00.

Banc of California Price Performance

NYSE BANC opened at $18.34 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The business’s fifty day moving average is $19.40 and its 200 day moving average is $18.97. The company has a market capitalization of $2.90 billion, a PE ratio of -43.65 and a beta of 0.73. Banc of California has a fifty-two week low of $15.33 and a fifty-two week high of $21.93.

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

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s dividend payout ratio is -114.29%.

Insiders Place Their Bets

In other Banc of California news, insider Olivia Lindsay sold 6,000 shares of the stock in a transaction 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 sale, the insider owned 32,842 shares in the company, valued at $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of Banc of California stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total value of $192,900.30. Following the sale, the general counsel owned 45,702 shares of the company’s stock, valued at approximately $836,346.60. This trade represents a 18.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.78% of the company’s stock.

Institutional Investors Weigh In On Banc of California

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Crescent Grove Advisors LLC grew its position in shares of Banc of California by 0.5% during the 1st quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock worth $1,810,000 after buying an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares in the last quarter. ProShare Advisors LLC grew its holdings in Banc of California by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 25,028 shares of the bank’s stock worth $483,000 after acquiring an additional 787 shares in the last quarter. GAMMA Investing LLC increased its position in Banc of California by 22.8% during the 2nd quarter. GAMMA Investing LLC now owns 6,576 shares of the bank’s stock valued at $134,000 after purchasing an additional 1,222 shares during the period. Finally, Hantz Financial Services Inc. raised its holdings in shares of Banc of California by 199.0% in the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after purchasing an additional 1,437 shares in the last quarter. 86.88% of the stock is owned by institutional investors.

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.