BidaskClub Downgrades Banc of California, Inc. (BANC) to Sell

Banc of California, Inc. (NYSE:BANC) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

Other equities research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Banc of California from a “strong sell” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods set a $22.00 price objective on shares of Banc of California and gave the stock a “hold” rating in a research note on Thursday, July 6th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Saturday, June 3rd. Finally, FBR & Co decreased their price objective on shares of Banc of California from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, May 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $22.50.

Shares of Banc of California (NYSE BANC) opened at 19.35 on Friday. The firm’s 50-day moving average is $20.67 and its 200-day moving average is $20.33. The firm has a market capitalization of $973.09 million, a price-to-earnings ratio of 12.97 and a beta of 0.97. Banc of California has a 12-month low of $10.93 and a 12-month high of $23.25.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by $0.04. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. The company had revenue of $81.21 million during the quarter, compared to analysts’ expectations of $97.94 million. During the same quarter in the previous year, the firm posted $0.46 earnings per share. Equities research analysts forecast that Banc of California will post $0.76 EPS for the current fiscal year.

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Large investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its stake in Banc of California by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 5,470 shares of the bank’s stock valued at $113,000 after buying an additional 110 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in Banc of California by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the bank’s stock valued at $439,000 after buying an additional 200 shares in the last quarter. Arizona State Retirement System increased its stake in Banc of California by 1.2% in the first quarter. Arizona State Retirement System now owns 25,800 shares of the bank’s stock valued at $534,000 after buying an additional 300 shares in the last quarter. Legal & General Group Plc increased its stake in Banc of California by 0.4% in the first quarter. Legal & General Group Plc now owns 82,701 shares of the bank’s stock valued at $1,712,000 after buying an additional 354 shares in the last quarter. Finally, Texas Permanent School Fund increased its stake in Banc of California by 1.7% in the second quarter. Texas Permanent School Fund now owns 36,493 shares of the bank’s stock valued at $785,000 after buying an additional 596 shares in the last quarter.

Banc of California Company Profile

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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