Banc of California (NYSE:BANC – Get Free Report) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued to investors on Sunday, Wall Street Zen reports.
A number of other research analysts have also recently commented on the company. JPMorgan Chase & Co. increased their target price on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. UBS Group started coverage on Banc of California in a research note on Monday, September 14th. They set a “neutral” rating and a $20.00 price target for the company. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Finally, Citigroup decreased their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Two 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. Based on data from MarketBeat, Banc of California presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.
Check Out Our Latest Analysis on Banc of California
Banc of California Price Performance
Banc of California (NYSE:BANC – Get Free Report) last issued 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). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. During the same period in the previous year, the company earned $0.31 EPS. Banc of California’s quarterly revenue was down 94.0% on a year-over-year basis. On average, analysts predict that Banc of California will post 1.69 EPS for the current fiscal year.
Insider Activity
In other news, insider Olivia Lindsay sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider directly owned 32,842 shares of the company’s stock, valued at approximately $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the transaction, the general counsel directly owned 45,702 shares in the company, valued at $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. Corporate insiders own 2.78% of the company’s stock.
Hedge Funds Weigh In On Banc of California
A number of large investors have recently bought and sold shares of BANC. Crescent Grove Advisors LLC lifted its position in Banc of California by 0.5% in the 1st quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock valued at $1,810,000 after acquiring an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after purchasing an additional 564 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Banc of California by 22.8% in the 2nd quarter. GAMMA Investing LLC now owns 6,576 shares of the bank’s stock worth $134,000 after purchasing an additional 1,222 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of Banc of California by 199.0% in the fourth quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock worth $42,000 after purchasing an additional 1,437 shares during the last quarter. Finally, Western Wealth Management LLC purchased a new position in shares of Banc of California in the first quarter worth $29,000. 86.88% of the stock is owned by hedge funds and other 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.
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