Banc of California (NYSE:BANC) Cut to Sell at Wall Street Zen

by · The Markets Daily

Wall Street Zen lowered shares of Banc of California (NYSE:BANC – Free Report) from a hold rating to a sell rating in a research report released on Saturday morning.

Several other equities analysts have also weighed in on the stock. Citigroup cut their price objective on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. DA Davidson restated a “buy” rating and set a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Barclays cut their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Monday, August 3rd. Wells Fargo & Company assumed coverage on shares of Banc of California in a research note on Monday, August 10th. They issued an “overweight” rating and a $23.00 price objective for the company. Finally, Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $22.62.

Get Our Latest Analysis on BANC

Banc of California Stock Performance

Shares of NYSE BANC opened at $19.66 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. Banc of California has a one year low of $15.33 and a one year high of $21.93. The business’s 50-day moving average price is $20.18 and its two-hundred day moving average price is $19.19. The company has a market capitalization of $3.11 billion, a P/E ratio of -46.81 and a beta of 0.74.

Banc of California (NYSE:BANC – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to analysts’ expectations of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The firm’s revenue for the quarter was down 94.0% on a year-over-year basis. During the same period last year, the business earned $0.31 earnings per share. Analysts anticipate that Banc of California will post 1.68 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is presently -114.29%.

Insider Transactions at Banc of California

In related news, insider Olivia I. Lindsay sold 6,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider owned 32,842 shares of the company’s stock, valued at approximately $640,419. The trade was a 15.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.78% of the company’s stock.

Institutional Trading of Banc of California

A number of hedge funds have recently bought and sold shares of the stock. Triumph Capital Management bought a new position in shares of Banc of California during the 3rd quarter worth about $25,000. Navalign LLC bought a new stake in shares of Banc of California in the fourth quarter valued at about $27,000. Western Wealth Management LLC bought a new stake in shares of Banc of California in the first quarter valued at about $29,000. Orion Capital Management LLC acquired a new stake in Banc of California during the fourth quarter worth about $35,000. Finally, Advisory Services Network LLC acquired a new stake in Banc of California during the third quarter worth about $36,000. 86.88% of the stock is owned by institutional investors.

About Banc of California

(Get Free Report)

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.

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