BidaskClub Upgrades Banc of California, Inc. (BANC) to Hold

Banc of California, Inc. (NYSE:BANC) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

Several other research analysts have also issued reports on BANC. FBR & Co restated a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Thursday, October 26th. Zacks Investment Research upgraded Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. Keefe, Bruyette & Woods set a $22.00 target price on Banc of California and gave the company a “hold” rating in a research report on Thursday, July 6th. Finally, ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $22.67.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. The business had revenue of $93.40 million during the quarter, compared to analyst estimates of $84.24 million. During the same quarter in the previous year, the business earned $0.59 earnings per share.

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In other news, CEO Douglas H. Bowers purchased 57,000 shares of the 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 acquisition, the chief executive officer now owns 92,000 shares of the company’s stock, valued at $1,615,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.89% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Searle & CO. purchased a new stake in shares of Banc of California in the second quarter valued at approximately $686,000. Great Lakes Advisors LLC boosted its holdings in shares of Banc of California by 104.6% in the second quarter. Great Lakes Advisors LLC now owns 181,789 shares of the bank’s stock valued at $3,908,000 after purchasing an additional 92,943 shares during the period. FSI Group LLC purchased a new stake in shares of Banc of California in the second quarter valued at approximately $3,225,000. Victory Capital Management Inc. boosted its holdings in shares of Banc of California by 39.0% in the second quarter. Victory Capital Management Inc. now owns 1,115,596 shares of the bank’s stock valued at $23,985,000 after purchasing an additional 312,947 shares during the period. Finally, Balyasny Asset Management LLC purchased a new stake in shares of Banc of California in the second quarter valued at approximately $8,750,000.

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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