Banc of California (NYSE:BANC) Raised to Sell at StockNews.com

Banc of California (NYSE:BANC) was upgraded by equities research analysts at StockNews.com to a “sell” rating in a report issued on Thursday.

BANC has been the subject of a number of other research reports. Stephens reaffirmed an “equal weight” rating and issued a $16.00 target price on shares of Banc of California in a research report on Thursday. Wells Fargo & Company increased their price target on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price target for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Truist Financial cut their price target on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday. Finally, Wedbush cut their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Banc of California presently has an average rating of “Hold” and a consensus target price of $16.64.

Banc of California Stock Performance

Shares of BANC stock remained flat at $14.09 during trading hours on Thursday. 3,181,820 shares of the stock traded hands, compared to its average volume of 2,485,818. The company has a 50 day moving average of $14.50 and a 200 day moving average of $13.32. 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 $9.72 and a 52 week high of $16.08. The stock has a market cap of $2.22 billion, a P/E ratio of -4.23 and a beta of 1.15.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The company had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period in the prior year, the company earned $0.37 EPS. On average, research analysts forecast that Banc of California will post 1.5 EPS for the current year.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley bought 10,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the purchase, the director now owns 10,000 shares in the company, valued at approximately $214,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently bought and sold shares of the business. South Dakota Investment Council increased its position in Banc of California by 238.8% during the fourth quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock worth $7,669,000 after acquiring an additional 402,498 shares during the period. Crescent Grove Advisors LLC bought a new position in Banc of California during the fourth quarter worth about $1,303,000. New York State Teachers Retirement System increased its position in Banc of California by 510.7% during the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock worth $1,072,000 after acquiring an additional 66,739 shares during the period. Peregrine Capital Management LLC increased its position in Banc of California by 22.2% during the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock worth $8,447,000 after acquiring an additional 114,173 shares during the period. Finally, Raymond James Financial Services Advisors Inc. bought a new position in Banc of California during the fourth quarter worth about $1,488,000. 86.88% of the stock is owned by institutional investors.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.