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Banc of California (NYSE:BANC) Losses Market Perform Rating from FIG Partners for Underperform

NewYork Banc of California NYSE:BANC

Banc of California (NYSE:BANC) Downgrade

In a research note released on Friday morning, FIG Partners downgraded shares of Banc of California (NYSE:BANC) to Underperform rating from Market Perform rating.

The company’s rating downgrade is noticed by stock investors, as NYSE:BANC is at the moment trading -0.97% lower at $20.35 as of 2:03 PM New York time. Banc of California shares have [From2] 0% in the past 200 days, while the S&P 500 has gained 6.00% in the same time.

According to data compiled by Thomson Reuters, Banc of California (NYSE:BANC)’s stock is covered by 6 equity analysts across the Street, with 0 analysts giving it a Sell rating, 0 a Buy rating, while 0 consider it a Hold. The 12-month consensus target price for the stock is $22.08, which reflects an upside potential of 8.50% over the current price.

Institutional Ownership

Pl Capital Advisors Llc had the biggest stake with ownership of 2.37M shares as of q2 2015 for 13.33% of the long stock exposure. Patriot Financial Partners Gp Lp is another very bullish institutional investor who is owning 2.85M shares of Banc of California or 11.94% of their long stock exposure. In addition, Endicott Management Co have 7.8% of their long stock exposure invested in the company for 1.00M shares. The Arkansas-based fund Forest Hill Capital Llc revealed it had bought so far a stake worth about 3.29% of the institutional investor’s stock portfolio in Banc of California. The Alabama-based fund Mesirow Financial Investment Management is also positive about the stock, possessing 382,945 shares or 1.04% of their long stock exposure.

Banc of California (NYSE:BANC) 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.

Banc of California (NYSE:BANC) traded down -0.97% on 26 January, hitting $20.35. A total of 738,715 shares of the company’s stock traded hands. This is down from average of 850,593 shares. Banc of California has a 52 week low of $12.25 and a 52 week high of $23.25. The company has a market cap of $1.02 billion and a P/E ratio of 17.05.

Get the latest Banc of California (NYSE:BANC) Stock Ratings at Octafinance. Completely free access to our Analyst Ratings Database for 6000+ stocks.

The post Banc of California (NYSE:BANC) Losses Market Perform Rating from FIG Partners for Underperform appeared first on Octafinance.



This post first appeared on Octafinance – Financial News, Reports And Intell, please read the originial post: here

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Banc of California (NYSE:BANC) Losses Market Perform Rating from FIG Partners for Underperform

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