Banc of California (NYSE:BANC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Banc of California, Inc. provides comprehensive banking services to California’s diverse private businesses, entrepreneurs and homeowners. It is the parent company of Banc of California, National Association. “

BANC has been the subject of several other research reports. B. Riley reduced their price target on shares of Banc of California from $20.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, June 19th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $21.40.

NYSE BANC opened at $18.37 on Tuesday. Banc of California has a 12-month low of $17.53 and a 12-month high of $23.40. The company has a debt-to-equity ratio of 2.75, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $957.44 million, a P/E ratio of 22.40, a price-to-earnings-growth ratio of 2.18 and a beta of 0.75.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, July 26th. The bank reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.04). Banc of California had a net margin of 11.74% and a return on equity of 8.25%. The business had revenue of $80.83 million during the quarter, compared to analyst estimates of $79.67 million. During the same period in the previous year, the business posted $0.20 EPS. On average, sell-side analysts expect that Banc of California will post 0.7 earnings per share for the current year.

In other Banc of California news, Director W Kirk Wycoff sold 225,300 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $19.99, for a total transaction of $4,503,747.00. Following the transaction, the director now directly owns 4,748 shares in the company, valued at approximately $94,912.52. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 640,656 shares of company stock worth $12,808,384. Company insiders own 18.08% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Tyers Asset Management LLC lifted its stake in Banc of California by 64.9% during the 2nd quarter. Tyers Asset Management LLC now owns 7,600 shares of the bank’s stock valued at $149,000 after acquiring an additional 2,992 shares in the last quarter. Legal & General Group Plc lifted its stake in Banc of California by 4.6% during the 2nd quarter. Legal & General Group Plc now owns 83,424 shares of the bank’s stock valued at $1,615,000 after acquiring an additional 3,694 shares in the last quarter. California Public Employees Retirement System lifted its stake in Banc of California by 7.0% during the 2nd quarter. California Public Employees Retirement System now owns 67,346 shares of the bank’s stock valued at $1,317,000 after acquiring an additional 4,415 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Banc of California by 1.9% during the 1st quarter. Wells Fargo & Company MN now owns 314,682 shares of the bank’s stock worth $6,073,000 after purchasing an additional 5,856 shares during the period. Finally, Meadow Creek Investment Management LLC raised its stake in shares of Banc of California by 84.8% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 13,300 shares of the bank’s stock worth $260,000 after purchasing an additional 6,104 shares during the period.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.

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