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

Banc of California (NYSE:BANC) was downgraded by research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other brokerages also recently weighed in on BANC. UBS Group assumed coverage on Banc of California in a research report on Monday, September 14th. They issued a “neutral” rating and a $20.00 target price for the company. Barclays set a $10.00 price target on Banc of California in a research report on Tuesday, September 15th. JPMorgan Chase & Co. boosted their price target on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Finally, Citigroup lowered 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 research report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.00.

Banc of California Stock Performance

Shares of BANC stock opened at $18.34 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The company has a market cap of $2.90 billion, a PE ratio of -43.65 and a beta of 0.73. The company’s fifty day simple moving average is $19.40 and its 200-day simple moving average is $18.98. Banc of California has a 52 week low of $15.33 and a 52 week high of $21.93.

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

Insider Transactions at Banc of California

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

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently made changes to their positions in BANC. Western Wealth Management LLC bought a new stake in shares of Banc of California in the first quarter worth $29,000. Orion Capital Management LLC bought a new position in Banc of California during the 2nd quarter valued at $37,000. 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. Hantz Financial Services Inc. grew its holdings in Banc of California by 199.0% during the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock worth $42,000 after acquiring an additional 1,437 shares in the last quarter. Finally, Nykredit A S bought a new stake in shares of Banc of California in the 2nd quarter worth about $61,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

About Banc of California

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.