Banc of California (NYSE:BANC) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Banc of California (NYSE:BANC) from a hold rating to a sell rating in a research report sent to investors on Saturday.

Several other equities research analysts have also recently weighed in on BANC. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Wells Fargo & Company began coverage on Banc of California in a research report on Monday, August 10th. They issued an “overweight” rating and a $23.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Citigroup dropped their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Finally, Weiss Ratings upgraded shares of Banc of California from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of “Buy” and a consensus price target of $22.62.

Banc of California Stock Performance

NYSE BANC opened at $19.68 on Friday. The company has a 50-day simple moving average of $20.17 and a two-hundred day simple moving average of $19.21. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. Banc of California has a 12-month low of $15.33 and a 12-month high of $21.93. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of -46.85 and a beta of 0.74.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. During the same period last year, the business posted $0.31 earnings per share. The firm’s quarterly revenue was down 94.0% compared to the same quarter last year. On average, equities analysts forecast that Banc of California will post 1.68 EPS for the current year.

Banc of California Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, September 15th. Banc of California’s dividend payout ratio is currently -114.29%.

Insider Activity

In related news, insider Olivia I. Lindsay sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

Several institutional investors and hedge funds have recently bought and sold shares of BANC. Royal Bank of Canada grew its position in shares of Banc of California by 9.4% in the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after buying an additional 6,364 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Banc of California by 209.4% during the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after buying an additional 69,739 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Banc of California by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after buying an additional 3,611 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after acquiring an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Banc of California by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock valued at $6,270,000 after acquiring an additional 4,263 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.