Banc of California (NYSE:BANC – Get Free Report) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.
A number of other research firms have also weighed in on BANC. JPMorgan Chase & Co. raised their target price on shares of Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. DA Davidson reaffirmed a “buy” rating and set a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Piper Sandler increased their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Weiss Ratings upgraded shares of Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 7th. Finally, Barclays lowered their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $22.62.
View Our Latest Report on Banc of California
Banc of California Price Performance
Banc of California (NYSE:BANC – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The firm had revenue of $16.41 million for the quarter, compared to analysts’ expectations of $295.32 million. During the same quarter in the prior year, the business earned $0.31 EPS. The business’s quarterly revenue was down 94.0% compared to the same quarter last year. On average, equities research analysts forecast that Banc of California will post 1.68 earnings per share for the current fiscal year.
Insider Buying and Selling at Banc of California
In related news, insider Olivia I. Lindsay sold 6,000 shares of the business’s 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 completion of the sale, the insider owned 32,842 shares in the company, valued at approximately $640,419. The trade was a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.78% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Banc of California in the 2nd quarter worth $462,252,000. Bank of America Corp DE increased its stake in shares of Banc of California by 243.9% during the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after buying an additional 2,433,394 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Banc of California by 45.4% during the third quarter. Dimensional Fund Advisors LP now owns 5,053,402 shares of the bank’s stock valued at $83,635,000 after buying an additional 1,576,914 shares during the period. William Blair Investment Management LLC purchased a new position in shares of Banc of California during the second quarter valued at $25,521,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Banc of California in the second quarter valued at about $17,400,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.
Banc of California Company Profile
Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.
Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.
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