Banc of California, Inc. (NYSE:BANC) Cut to “Sell” at BidaskClub

BidaskClub lowered shares of Banc of California, Inc. (NYSE:BANC) from a hold rating to a sell rating in a research note published on Thursday, November 9th.

Several other research analysts also recently issued reports on the stock. FBR & Co reiterated a buy rating and issued a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th. ValuEngine cut shares of Banc of California from a buy rating to a hold rating in a report on Friday, July 14th. Keefe, Bruyette & Woods set a $20.00 price objective on shares of Banc of California and gave the company a hold rating in a report on Monday, August 28th. Finally, Zacks Investment Research cut shares of Banc of California from a hold rating to a sell rating in a report on Monday, July 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $22.67.

Shares of Banc of California (NYSE BANC) traded up $0.10 during midday trading on Thursday, hitting $21.05. 715,749 shares of the company traded hands, compared to its average volume of 1,093,610. Banc of California has a one year low of $14.40 and a one year high of $23.25. The company has a debt-to-equity ratio of 2.21, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $1,060.00, a PE ratio of 16.63, a P/E/G ratio of 1.92 and a beta of 0.95.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, topping the consensus estimate of $0.19 by $0.04. The business had revenue of $93.40 million for the quarter, compared to analyst estimates of $84.24 million. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. During the same quarter in the previous year, the firm posted $0.59 earnings per share. equities analysts anticipate that Banc of California will post 0.88 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a dividend of $0.13 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.47%. Banc of California’s dividend payout ratio is 49.06%.

In related news, CEO Douglas H. Bowers bought 57,000 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the completion of the transaction, the chief executive officer now owns 92,000 shares in the company, valued at $1,615,520. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 30,000 shares of company stock valued at $14,000. 16.89% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in shares of Banc of California by 48,720.8% in the 1st quarter. BlackRock Inc. now owns 6,494,627 shares of the bank’s stock worth $134,438,000 after acquiring an additional 6,481,324 shares during the last quarter. Channing Capital Management LLC purchased a new position in Banc of California in the 3rd quarter worth about $48,607,000. Maltese Capital Management LLC increased its stake in Banc of California by 171.4% in the 3rd quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock worth $15,770,000 after buying an additional 480,000 shares during the period. Investment Counselors of Maryland LLC purchased a new position in Banc of California in the 2nd quarter worth about $9,834,000. Finally, Balyasny Asset Management LLC purchased a new position in Banc of California in the 2nd quarter worth about $8,750,000.

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Banc of California Company Profile

Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.

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