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

Wall Street Zen downgraded shares of Banc of California (NYSE:BANC) from a hold rating to a sell rating in a report issued on Saturday morning.

BANC has been the topic of several other reports. Barclays upped their target price on Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday. Wells Fargo & Company increased their price objective on Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, October 8th. Raymond James Financial upgraded shares of Banc of California from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, October 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $19.95.

Banc of California Stock Performance

Shares of Banc of California stock opened at $19.70 on Friday. The company has a 50 day moving average price of $17.80 and a 200 day moving average price of $16.26. The firm has a market capitalization of $2.98 billion, a P/E ratio of 18.94 and a beta of 0.72. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 52 week low of $11.52 and a 52 week high of $20.17.

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

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, December 15th. Banc of California’s dividend payout ratio is currently 38.46%.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Triumph Capital Management acquired a new stake in Banc of California in the third quarter valued at approximately $25,000. Advisory Services Network LLC purchased a new position in shares of Banc of California during the 3rd quarter valued at approximately $36,000. GAMMA Investing LLC grew its stake in Banc of California by 22.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank’s stock valued at $59,000 after acquiring an additional 762 shares during the period. Aster Capital Management DIFC Ltd grew its stake in Banc of California by 145.1% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock valued at $69,000 after acquiring an additional 2,475 shares during the period. Finally, Danske Bank A S purchased a new stake in Banc of California in the 3rd quarter worth $70,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.