StockNews.com Upgrades Banc of California (NYSE:BANC) to “Hold”

Banc of California (NYSE:BANC) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report released on Friday.

A number of other equities research analysts have also weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Wedbush boosted their price objective on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Stephens raised their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Raymond James upped their price target on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday. Finally, Barclays cut their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $18.10.

Banc of California Price Performance

BANC traded up $0.30 during midday trading on Friday, hitting $16.00. The stock had a trading volume of 2,693,996 shares, compared to its average volume of 2,012,360. Banc of California has a 1 year low of $11.88 and a 1 year high of $18.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The business has a fifty day moving average of $16.17 and a 200 day moving average of $15.02. The company has a market cap of $2.54 billion, a P/E ratio of -3.75 and a beta of 1.14.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. As a group, equities analysts forecast that Banc of California will post 0.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Future Financial Wealth Managment LLC bought a new stake in Banc of California in the third quarter worth $29,000. GAMMA Investing LLC raised its position in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares during the last quarter. KBC Group NV boosted its stake in Banc of California by 71.0% in the 4th quarter. KBC Group NV now owns 7,286 shares of the bank’s stock worth $113,000 after purchasing an additional 3,026 shares in the last quarter. Mendon Capital Advisors Corp purchased a new stake in Banc of California during the 2nd quarter valued at about $102,000. Finally, Paloma Partners Management Co bought a new stake in Banc of California during the 3rd quarter valued at about $158,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.