Banc of California (NYSE:BANC) Raised to Hold at UBS Group

Banc of California (NYSE:BANC) was upgraded by analysts at UBS Group to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other research analysts also recently commented on the company. Wall Street Zen downgraded Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. JPMorgan Chase & Co. lifted their price objective on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Wells Fargo & Company assumed coverage on Banc of California in a report on Monday, August 10th. They issued an “overweight” rating and a $23.00 target price on the stock. Finally, Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Banc of California Price Performance

Shares of NYSE:BANC opened at $18.59 on Monday. The firm has a market cap of $2.95 billion, a PE ratio of -44.27 and a beta of 0.73. The firm’s fifty day moving average is $19.52 and its 200-day moving average is $18.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. Banc of California has a 52 week low of $15.33 and a 52 week high of $21.93.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The company had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The business’s revenue for the quarter was down 94.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.31 earnings per share. Sell-side analysts predict that Banc of California will post 1.68 earnings per share for the current year.

Insider Transactions at Banc of California

In related news, General Counsel Ido Dotan sold 10,541 shares of the company’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $18.30, for a total transaction of $192,900.30. Following the sale, the general counsel owned 45,702 shares in the company, valued at $836,346.60. This represents a 18.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Olivia I. Lindsay sold 6,000 shares of the firm’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 sale, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.78% of the company’s stock.

Institutional Trading of Banc of California

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Banc of California in the 2nd quarter valued at $462,252,000. William Blair Investment Management LLC raised its holdings in Banc of California by 8.8% during the fourth quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank’s stock worth $44,702,000 after buying an additional 187,999 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of Banc of California by 11.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank’s stock valued at $17,657,000 after buying an additional 96,372 shares in the last quarter. LSV Asset Management bought a new position in shares of Banc of California in the fourth quarter valued at $3,740,000. Finally, Bank of America Corp DE lifted its stake in shares of Banc of California by 219.1% in the first quarter. Bank of America Corp DE now owns 1,227,555 shares of the bank’s stock valued at $21,580,000 after buying an additional 842,879 shares in the last quarter. Institutional investors own 86.88% of the company’s stock.

About Banc of California

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.