Banc of California (NYSE:BANC) Downgraded by Wall Street Zen to “Sell”

Banc of California (NYSE:BANC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other brokerages also recently commented on BANC. JPMorgan Chase & Co. lifted their target price on shares of Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Tuesday. Wells Fargo & Company boosted their price objective on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Citigroup raised Banc of California from a “neutral” rating to a “buy” rating and upped their target price for the company from $18.00 to $21.50 in a research report on Monday, October 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, October 8th. Finally, Raymond James Financial raised Banc of California from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and an average target price of $19.95.

Banc of California Stock Down 0.4%

BANC opened at $19.70 on Friday. The stock’s fifty day simple moving average is $17.80 and its 200 day simple moving average is $16.24. Banc of California has a 1-year low of $11.52 and a 1-year high of $20.17. The stock has a market cap of $2.98 billion, a PE ratio of 18.94 and a beta of 0.72. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Monday, May 13th. The bank reported $1.03 EPS for the quarter. Banc of California had a net margin of 11.49% and a return on equity of 8.00%. The firm had revenue of $315.66 million during the quarter. As a group, research analysts expect that Banc of California will post 1.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BANC. Amalgamated Bank lifted its stake in Banc of California by 1.6% during the third quarter. Amalgamated Bank now owns 37,460 shares of the bank’s stock worth $620,000 after purchasing an additional 585 shares during the last quarter. Crescent Grove Advisors LLC lifted its position in shares of Banc of California by 0.7% in the 2nd quarter. Crescent Grove Advisors LLC now owns 100,428 shares of the bank’s stock worth $1,421,000 after purchasing an additional 706 shares during the period. CWM LLC boosted its position in Banc of California by 9.1% during the second quarter. CWM LLC now owns 8,783 shares of the bank’s stock valued at $123,000 after acquiring an additional 734 shares during the last quarter. GAMMA Investing LLC grew its stake in Banc of California by 22.2% during the second quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock worth $59,000 after purchasing an additional 762 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Banc of California by 7.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,804 shares of the bank’s stock valued at $179,000 after acquiring an additional 777 shares in the last quarter. 86.88% of the stock is owned by 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.