Banc of California (NYSE:BANC) Lowered to “Market Perform” at Raymond James

Raymond James cut 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 analysts also recently commented on BANC. Zacks Investment Research upgraded Banc of California from a sell rating to a hold rating in a research note on Friday, July 26th. Sandler O’Neill downgraded Banc of California from a buy rating to a hold rating in a research note on Wednesday, September 11th. Six investment analysts have rated the stock with a hold rating, Banc of California has an average rating of Hold and a consensus price target of $17.75.

Shares of NYSE BANC opened at $14.33 on Monday. The business’s 50-day moving average price is $14.64 and its two-hundred day moving average price is $14.34. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.19 and a quick ratio of 1.09. Banc of California has a one year low of $12.22 and a one year high of $19.90. The company has a market capitalization of $742.83 million, a P/E ratio of 29.24, a price-to-earnings-growth ratio of 1.62 and a beta of 1.34.

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

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.24 dividend on an annualized basis and a yield of 1.67%. Banc of California’s dividend payout ratio (DPR) is currently 48.98%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Texas Permanent School Fund boosted its stake 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 acquiring an additional 1,049 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Banc of California by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,720 shares of the bank’s stock worth $202,000 after acquiring an additional 1,786 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Banc of California by 1.9% during the 1st quarter. Rhumbline Advisers now owns 127,007 shares of the bank’s stock worth $1,758,000 after acquiring an additional 2,400 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Banc of California by 1.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 179,738 shares of the bank’s stock worth $2,511,000 after acquiring an additional 2,918 shares in the last quarter. Finally, Ironwood Investment Management LLC boosted its stake in shares of Banc of California by 7.4% during the 1st quarter. Ironwood Investment Management LLC now owns 43,709 shares of the bank’s stock worth $605,000 after acquiring an additional 3,011 shares in the last quarter. Institutional investors own 98.76% of the company’s stock.

Banc of California Company Profile

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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