Banc of California Inc (BANC) is Downgraded by FIG Partners to Underperform

Banc of California Inc (BANC) was Downgraded by FIG Partners to ” Underperform”. Earlier the firm had a rating of “Market Perform ” on the company shares. FIG Partners advised their investors in a research report released on Aug 17, 2016.

Many Wall Street Analysts have commented on Banc of California Inc. FBR Capital Initiated Banc of California Inc on Jul 1, 2016 to “Mkt Perform”, Price Target of the shares are set at $20.

On the company’s financial health, Banc of California Inc reported $0.46 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.40.Analysts expectations of $ 131.84.During the same quarter in the previous year, the company posted $0.32 EPS.

Banc of California Inc opened for trading at $22.78 and hit $23.13 on the upside on Monday, eventually ending the session at $23.06, with a gain of 1.68% or 0.38 points. The heightened volatility saw the trading volume jump to 2,19,690 shares. Company has a market cap of $1,147 M.

In a different news, on Jul 6, 2016, Jeffrey T Seabold (EVP, CHIEF BANKING OFFICER) sold 59,225 shares at $19.40 per share price. According to the SEC, on Dec 18, 2015, J. Francisco A. Turner (EVP, CHIEF STRATEGY OFFICER) sold 2,800 shares at $14.03 per share price. On Aug 24, 2015, Steven Sugarman (CEO) purchased 35,000 shares at $12.21 per share price, according to the Form-4 filing with the securities and exchange commission.

Banc of California Inc. is a financial holding company. The Company is the parent of Banc of California National Association (the Bank) The Palisades Group LLC (The Palisades Group) and PTB Property Holdings LLC (PTB). The Company engages in activities permissible for bank holding companies and in other activities that are financial in nature or incidental or complementary to activities that are financial in nature primarily securities insurance and merchant banking activities. The Bank offers a variety of financial services to meet the banking and financial needs of the communities it serves with operations conducted through 37 banking offices serving San Diego Los Angeles and Orange counties California and 67 loan production offices in California Arizona Oregon Virginia Indiana Maryland Colorado Idaho and Nevada.

Banc of California Inc

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