Raymond James Lowers Banc of California (NYSE:BANC) to Market Perform

Raymond James lowered shares of Banc of California (NYSE:BANC) from an outperform rating to a market perform rating in a research report sent to investors on Monday morning, 24/7 WallStreet reports.

A number of other research firms have also recently issued reports on BANC. Sandler O’Neill cut Banc of California from a buy rating to a hold rating in a report on Wednesday, September 11th. Zacks Investment Research upgraded Banc of California from a sell rating to a hold rating in a report on Friday, July 26th. Six research analysts have rated the stock with a hold rating, The stock currently has an average rating of Hold and an average price target of $17.75.

NYSE:BANC opened at $14.44 on Monday. The company has a market capitalization of $729.11 million, a PE ratio of 29.47, a P/E/G ratio of 1.63 and a beta of 1.34. The company has a 50 day simple moving average of $14.66 and a two-hundred day simple moving average of $14.35. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.09 and a current ratio of 1.19. Banc of California has a fifty-two week low of $12.22 and a fifty-two week high of $19.90.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, July 25th. The bank reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $62.49 million during the quarter, compared to the consensus estimate of $73.09 million. Banc of California had a net margin of 10.28% and a return on equity of 7.94%. During the same quarter in the prior year, the firm posted $0.16 EPS. Research analysts predict that Banc of California will post 0.82 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, September 13th. Banc of California’s payout ratio is 48.98%.

Several institutional investors have recently bought and sold shares of the business. Texas Permanent School Fund boosted its holdings in shares of Banc of California by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 28,958 shares of the bank’s stock worth $401,000 after buying an additional 1,049 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Banc of California by 13.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 14,720 shares of the bank’s stock worth $202,000 after purchasing an additional 1,786 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Banc of California by 1.9% in the 1st quarter. Rhumbline Advisers now owns 127,007 shares of the bank’s stock worth $1,758,000 after purchasing an additional 2,400 shares in the last quarter. Parametric Portfolio Associates LLC lifted its holdings in shares of Banc of California by 1.7% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 179,738 shares of the bank’s stock worth $2,511,000 after purchasing an additional 2,918 shares in the last quarter. Finally, Ironwood Investment Management LLC lifted its holdings in shares of Banc of California by 7.4% in the 1st quarter. Ironwood Investment Management LLC now owns 43,709 shares of the bank’s stock worth $605,000 after purchasing an additional 3,011 shares in the last quarter. Hedge funds and other institutional investors own 98.76% of the company’s stock.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.

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