Banc of California (NYSE:BANC) Stock Rating Raised to “Sell” at Wall Street Zen

Wall Street Zen upgraded shares of Banc of California (NYSE:BANC) from a strong sell rating to a sell rating in a research note issued to investors on Sunday morning,Wall Street Zen reports.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company initiated coverage on shares of Banc of California in a report on Monday, August 10th. They set an “overweight” rating and a $23.00 target price for the company. Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. boosted their price target on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. UBS Group assumed coverage on shares of Banc of California in a research note on Monday, September 14th. They set a “neutral” rating and a $20.00 price objective for the company. Finally, Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Banc of California Stock Performance

Shares of NYSE:BANC opened at $17.96 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. Banc of California has a 1 year low of $15.33 and a 1 year high of $21.93. The firm has a market capitalization of $2.85 billion, a PE ratio of -42.77 and a beta of 0.73. The business’s 50 day moving average price is $19.11 and its 200-day moving average price is $18.99.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm 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 firm’s revenue for the quarter was down 94.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.31 earnings per share. As a group, equities research analysts expect that Banc of California will post 1.69 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Banc of California’s payout ratio is currently -114.29%.

Insider Buying and Selling at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares of the company’s stock, valued at approximately $640,419. This represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Ido Dotan sold 10,541 shares of the firm’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 of the company’s stock, valued at approximately $836,346.60. The trade was a 18.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.78% of the stock is owned by insiders.

Hedge Funds Weigh In On Banc of California

A number of institutional investors have recently bought and sold shares of BANC. Crescent Grove Advisors LLC grew its position in Banc of California by 0.5% in the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock worth $1,810,000 after acquiring an additional 525 shares during the period. EverSource Wealth Advisors LLC raised its position in Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares during the period. GAMMA Investing LLC raised its position in Banc of California by 22.8% in the second quarter. GAMMA Investing LLC now owns 6,576 shares of the bank’s stock valued at $134,000 after purchasing an additional 1,222 shares during the period. Hantz Financial Services Inc. lifted its stake in shares of Banc of California by 199.0% in the 4th quarter. Hantz Financial Services Inc. now owns 2,159 shares of the bank’s stock valued at $42,000 after purchasing an additional 1,437 shares during the last quarter. Finally, Western Wealth Management LLC acquired a new position in shares of Banc of California in the 1st quarter valued at $29,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.