Banc of California Inc. (BANC) Rating Lowered to Market Perform at Wells Fargo & Co.
Banc of California Inc. (NYSE:BANC) was downgraded by equities research analysts at Wells Fargo & Co. from an “outperform” rating to a “market perform” rating in a research note issued on Monday.
A number of other research firms have also weighed in on BANC. FBR & Co set a $20.00 target price on shares of Banc of California and gave the company a “hold” rating in a report on Tuesday, October 18th. Zacks Investment Research raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Monday, July 25th. FIG Partners lowered shares of Banc of California from a “market perform” rating to an “underperform” rating in a research note on Wednesday, August 17th. Finally, DA Davidson raised shares of Banc of California from a “neutral” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Thursday, October 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $20.00.
Banc of California (NYSE:BANC) opened at 14.90 on Monday. The firm has a 50-day moving average of $15.12 and a 200 day moving average of $19.05. Banc of California has a one year low of $10.93 and a one year high of $23.24. The company has a market capitalization of $741.02 million, a price-to-earnings ratio of 8.14 and a beta of 0.84.
Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, October 19th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.17. Banc of California had a net margin of 16.74% and a return on equity of 16.93%. During the same period last year, the firm earned $0.29 earnings per share. Equities research analysts predict that Banc of California will post $1.86 earnings per share for the current fiscal year.
In other news, insider Jeffrey T. Seabold sold 39,919 shares of Banc of California stock in a transaction on Friday, September 30th. The stock was sold at an average price of $17.63, for a total transaction of $703,771.97. Following the completion of the sale, the insider now directly owns 241,841 shares in the company, valued at $4,263,656.83. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 6.13% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Fund Advisors increased its stake in Banc of California by 198.2% in the first quarter. BlackRock Fund Advisors now owns 2,827,696 shares of the company’s stock valued at $49,485,000 after buying an additional 1,879,284 shares during the last quarter. Vanguard Group Inc. increased its stake in Banc of California by 66.4% in the second quarter. Vanguard Group Inc. now owns 2,843,380 shares of the company’s stock valued at $51,466,000 after buying an additional 1,135,042 shares during the last quarter. Allianz Asset Management AG increased its stake in Banc of California by 208.3% in the second quarter. Allianz Asset Management AG now owns 1,445,649 shares of the company’s stock valued at $26,166,000 after buying an additional 976,773 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in Banc of California during the second quarter valued at $16,812,000. Finally, Boston Partners purchased a new stake in Banc of California during the third quarter valued at $15,771,000. Hedge funds and other institutional investors own 90.53% of the company’s stock.
About Banc of California
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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