Banc of California (NYSE:BANC) Upgraded at Zacks Investment Research

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Banc of California (NYSE:BANC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday, 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. “

BANC stock traded down $0.27 during trading hours on Friday, hitting $15.21. 496,081 shares of the stock traded hands, compared to its average volume of 400,808. The firm has a 50-day moving average of $13.89. Banc of California has a one year low of $12.22 and a one year high of $20.45. The firm has a market capitalization of $742.32 million, a P/E ratio of 31.04, a P/E/G ratio of 1.53 and a beta of 1.27. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.58.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, July 25th. The bank reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.05. Banc of California had a return on equity of 7.52% and a net margin of 9.63%. The business had revenue of $62.49 million during the quarter, compared to analysts’ expectations of $73.09 million. During the same quarter last year, the business posted $0.16 earnings per share. On average, equities research analysts anticipate that Banc of California will post 0.77 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in BANC. Dimensional Fund Advisors LP boosted its position in shares of Banc of California by 16.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,249,267 shares of the bank’s stock valued at $43,248,000 after purchasing an additional 454,576 shares during the period. Pennsylvania Trust Co purchased a new stake in Banc of California in the 1st quarter worth about $18,793,000. Seidman Lawrence B lifted its stake in Banc of California by 118.7% in the 1st quarter. Seidman Lawrence B now owns 471,989 shares of the bank’s stock worth $6,532,000 after acquiring an additional 256,184 shares in the last quarter. BlackRock Inc. lifted its stake in Banc of California by 3.3% in the 4th quarter. BlackRock Inc. now owns 6,444,776 shares of the bank’s stock worth $85,781,000 after acquiring an additional 207,050 shares in the last quarter. Finally, State of Wisconsin Investment Board lifted its stake in Banc of California by 29.7% in the 1st quarter. State of Wisconsin Investment Board now owns 750,181 shares of the bank’s stock worth $10,382,000 after acquiring an additional 171,700 shares in the last quarter. Institutional investors and hedge funds own 98.75% 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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