Banc of California (NYSE:BANC) Upgraded by UBS Group to Hold Rating

Key Points

• UBS Group upgraded Banc of California to a “Hold” rating. Despite mixed analyst views, the stock retains a consensus “Moderate Buy” rating with an average price target of $21.00.
• Banc of California reported a significant quarterly loss, posting ($1.61) EPS versus the $0.40 consensus estimate, while revenue fell 94% year over year to $16.41 million.
• Institutional investors own 86.88% of the company, with BlackRock establishing a sizable new position and Wellington Management increasing its holdings by 147.2%; meanwhile, two insiders recently sold shares.

Banc of California (NYSE:BANC - Get Free Report) was upgraded by UBS Group to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

Several other research firms have also commented on BANC. Citigroup lowered their price target on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Brean Capital downgraded Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Wall Street Zen lowered Banc of California from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Barclays set a $10.00 target price on Banc of California in a report on Tuesday. Finally, Wells Fargo & Company started coverage on Banc of California in a research report on Monday, August 10th. They issued an "overweight" rating and a $23.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.00.

Banc of California Stock Performance

Shares of BANC stock opened at $18.59 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The firm has a market cap of $2.95 billion, a P/E ratio of -44.27 and a beta of 0.73. The firm's 50 day moving average price is $19.52 and its 200-day moving average price is $18.99. Banc of California has a one year low of $15.33 and a one year high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). The company had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The firm's revenue for the quarter was down 94.0% on a year-over-year basis. During the same quarter last year, the business posted $0.31 EPS. As a group, equities research analysts predict that Banc of California will post 1.68 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Ido Dotan sold 10,541 shares of the company's stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total transaction of $192,900.30. Following the sale, the general counsel owned 45,702 shares of the company's stock, valued at approximately $836,346.60. This represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Olivia Lindsay sold 6,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares in the company, valued at approximately $640,419. The trade was a 15.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Banc of California

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Banc of California during the second quarter worth about $462,252,000. Wellington Management Group LLP raised its holdings in Banc of California by 147.2% in the second quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank's stock valued at $125,070,000 after acquiring an additional 3,645,579 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Banc of California by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank's stock worth $113,640,000 after acquiring an additional 600,791 shares during the last quarter. William Blair Investment Management LLC lifted its stake in Banc of California by 8.8% in the fourth quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank's stock worth $44,702,000 after acquiring an additional 187,999 shares during the last quarter. Finally, Hodges Capital Management Inc. grew its holdings in Banc of California by 11.3% during the 4th quarter. Hodges Capital Management Inc. now owns 1,385,290 shares of the bank's stock worth $26,722,000 after acquiring an additional 140,911 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

About Banc of California

Banc of California, Inc is the holding company for Banc of California, a relationship-focused financial institution headquartered in California. The bank provides banking and financial services to businesses, entrepreneurs, professionals, individuals and families, with a focus on supporting the state's local communities and economy.

Its offerings include commercial and industrial lending, commercial real estate financing, residential mortgage lending, consumer loans, business and personal deposit accounts, treasury management, online and mobile banking, and other cash-management services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.