ValuEngine Downgrades Banc of California, Inc. (NYSE:BANC) to Hold

Banc of California, Inc. (NYSE:BANC) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Friday.

A number of other research firms have also weighed in on BANC. FBR & Co reiterated a “buy” rating and issued a $25.00 price objective on shares of Banc of California in a research note on Wednesday, April 5th. Zacks Investment Research upgraded shares of Banc of California from a “strong sell” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Tuesday, July 11th. BidaskClub upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Keefe, Bruyette & Woods lowered shares of Banc of California from an “outperform” rating to a “market perform” rating and set a $22.00 price objective on the stock. in a research note on Thursday, May 4th. Finally, Wells Fargo & Company upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating in a research note on Tuesday, April 11th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $23.00.

Shares of Banc of California (NYSE:BANC) opened at 20.80 on Friday. Banc of California has a one year low of $10.93 and a one year high of $23.25. The company has a 50-day moving average of $21.05 and a 200 day moving average of $19.57. The stock has a market cap of $985.48 million, a PE ratio of 11.63 and a beta of 0.97.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, May 3rd. The bank reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.01. The business had revenue of $95.38 million during the quarter, compared to analyst estimates of $151.51 million. Banc of California had a return on equity of 16.41% and a net margin of 17.80%. During the same quarter in the previous year, the company earned $0.36 EPS. On average, analysts predict that Banc of California will post $1.14 earnings per share for the current year.

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Hedge funds have recently made changes to their positions in the company. Comerica Bank increased its stake in shares of Banc of California by 5.7% in the fourth quarter. Comerica Bank now owns 52,747 shares of the bank’s stock worth $889,000 after buying an additional 2,832 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Banc of California by 11.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,413,695 shares of the bank’s stock worth $41,878,000 after buying an additional 252,718 shares during the period. AQR Capital Management LLC increased its stake in shares of Banc of California by 69.2% in the fourth quarter. AQR Capital Management LLC now owns 247,794 shares of the bank’s stock worth $4,299,000 after buying an additional 101,322 shares during the period. State Street Corp increased its stake in shares of Banc of California by 111.8% in the fourth quarter. State Street Corp now owns 2,845,129 shares of the bank’s stock worth $49,363,000 after buying an additional 1,501,724 shares during the period. Finally, First Mercantile Trust Co. purchased a new stake in shares of Banc of California during the first quarter worth about $304,000.

About Banc of California

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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