Banc of California (BANC) Cut to Sell at Zacks Investment Research

Banc of California (NYSE:BANC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Banc of California, Inc. provides comprehensive banking services to California’s diverse private businesses, entrepreneurs and homeowners. It is the parent company of Banc of California, National Association. “

Several other brokerages have also issued reports on BANC. ValuEngine lowered Banc of California from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a research note on Friday. BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Piper Jaffray Companies initiated coverage on Banc of California in a report on Thursday, December 21st. They issued an “overweight” rating and a $26.00 price objective for the company. Finally, FBR & Co reiterated a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a report on Thursday, October 26th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Banc of California has a consensus rating of “Hold” and an average target price of $23.50.

Shares of Banc of California (BANC) traded down $0.25 during trading hours on Tuesday, hitting $19.70. 843,126 shares of the company were exchanged, compared to its average volume of 659,151. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 2.51. The stock has a market cap of $985.84, a P/E ratio of 31.27, a P/E/G ratio of 1.45 and a beta of 0.97. Banc of California has a 52 week low of $15.25 and a 52 week high of $23.40.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.07. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The firm had revenue of $78.87 million for the quarter, compared to analysts’ expectations of $84.02 million. During the same period in the prior year, the business posted $0.54 earnings per share. The company’s revenue was down 31.7% on a year-over-year basis. analysts predict that Banc of California will post 1.16 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. FNY Partners Fund LP bought a new position in shares of Banc of California during the 4th quarter valued at approximately $103,000. Boston Advisors LLC lifted its holdings in shares of Banc of California by 14.5% in the 4th quarter. Boston Advisors LLC now owns 228,383 shares of the bank’s stock worth $4,716,000 after buying an additional 28,970 shares during the period. Hennessy Advisors Inc. lifted its holdings in shares of Banc of California by 20.8% in the 4th quarter. Hennessy Advisors Inc. now owns 465,000 shares of the bank’s stock worth $9,602,000 after buying an additional 80,000 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Banc of California by 2.2% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 182,827 shares of the bank’s stock worth $3,776,000 after buying an additional 3,936 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Banc of California by 18.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 111,133 shares of the bank’s stock worth $2,306,000 after buying an additional 17,241 shares during the period.

COPYRIGHT VIOLATION NOTICE: “Banc of California (BANC) Cut to Sell at Zacks Investment Research” was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this piece on another domain, it was stolen and reposted in violation of United States & international copyright and trademark legislation. The original version of this piece can be accessed at https://www.dispatchtribunal.com/2018/01/30/banc-of-california-banc-cut-to-sell-at-zacks-investment-research.html.

About Banc of California

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.

Analyst Recommendations for Banc of California (NYSE:BANC)

Receive News & Ratings for Banc of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply