Banc of California (NYSE:BANC) Downgraded by Zacks Investment Research

Banc of California (NYSE:BANC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday, Zacks.com reports.

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. “

A number of other research analysts have also issued reports on BANC. Raymond James lowered Banc of California from an “outperform” rating to a “market perform” rating in a report on Monday, September 16th. Sandler O’Neill lowered Banc of California from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Banc of California currently has a consensus rating of “Hold” and a consensus price target of $17.75.

NYSE:BANC traded down $0.13 during midday trading on Monday, reaching $13.91. The company had a trading volume of 234,600 shares, compared to its average volume of 387,126. The firm has a market capitalization of $714.36 million, a price-to-earnings ratio of 28.39, a PEG ratio of 1.54 and a beta of 1.33. The stock’s fifty day simple moving average is $14.47 and its 200-day simple moving average is $14.24. Banc of California has a 12-month low of $12.22 and a 12-month high of $19.02. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 2.76.

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

Institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its stake in Banc of California by 6.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 259,305 shares of the bank’s stock valued at $3,623,000 after buying an additional 15,006 shares in the last quarter. Hennessy Advisors Inc. raised its stake in Banc of California by 14.3% in the second quarter. Hennessy Advisors Inc. now owns 400,000 shares of the bank’s stock valued at $5,588,000 after buying an additional 50,000 shares in the last quarter. Sippican Capital Advisors raised its stake in Banc of California by 92.7% in the second quarter. Sippican Capital Advisors now owns 33,750 shares of the bank’s stock valued at $471,000 after buying an additional 16,235 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Banc of California by 35,996.4% in the second quarter. Tower Research Capital LLC TRC now owns 19,853 shares of the bank’s stock valued at $278,000 after buying an additional 19,798 shares in the last quarter. Finally, Swiss National Bank raised its stake in Banc of California by 14.9% in the second quarter. Swiss National Bank now owns 84,000 shares of the bank’s stock valued at $1,173,000 after buying an additional 10,900 shares in the last quarter. 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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