Banc of California, Inc. (NYSE:BANC) Downgraded by BidaskClub to “Sell”

BidaskClub cut shares of Banc of California, Inc. (NYSE:BANC) from a hold rating to a sell rating in a research report sent to investors on Friday.

Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Banc of California from a hold rating to a sell rating in a research note on Monday, July 31st. ValuEngine cut Banc of California from a buy rating to a hold rating in a research note on Friday, July 14th. Keefe, Bruyette & Woods set a $22.00 price target on Banc of California and gave the company a hold rating in a research note on Thursday, July 6th. Finally, FBR & Co decreased their price target on Banc of California from $25.00 to $24.00 and set an outperform rating for the company in a research note on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $22.50.

Shares of Banc of California (NYSE:BANC) traded down 0.26% during mid-day trading on Friday, hitting $19.35. The stock had a trading volume of 546,751 shares. The company has a market capitalization of $973.09 million, a P/E ratio of 12.97 and a beta of 0.97. The stock’s 50-day moving average price is $20.67 and its 200 day moving average price is $20.33. Banc of California has a 1-year low of $10.93 and a 1-year high of $23.25.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.24 by $0.04. The company had revenue of $81.21 million during the quarter, compared to analyst estimates of $97.94 million. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. During the same period in the previous year, the company posted $0.46 EPS. On average, analysts predict that Banc of California will post $0.76 EPS for the current fiscal year.

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Large investors have recently modified their holdings of the stock. OxFORD Asset Management LLP bought a new stake in shares of Banc of California during the second quarter valued at $825,000. Banc Funds Co. LLC boosted its stake in Banc of California by 122.6% in the second quarter. Banc Funds Co. LLC now owns 274,204 shares of the bank’s stock valued at $5,895,000 after buying an additional 151,000 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Banc of California by 57.4% in the second quarter. Parametric Portfolio Associates LLC now owns 219,228 shares of the bank’s stock valued at $4,713,000 after buying an additional 79,904 shares in the last quarter. Suntrust Banks Inc. acquired a new stake in Banc of California during the second quarter valued at approximately $231,000. Finally, California Public Employees Retirement System boosted its stake in Banc of California by 2.6% in the second quarter. California Public Employees Retirement System now owns 62,200 shares of the bank’s stock valued at $1,337,000 after buying an additional 1,600 shares in the last quarter.

About Banc of California

Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.

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