After seeing its shares collapse yesterday, Banc of California Inc (NYSE:BANC) is up 15% in Wednesday’s trading session, after the bank reported third-quarter results that were solidly ahead of estimates.
The Bank’s shares have been on a roller coaster recently following a negative blog post that questions the company’s corporate governance and related-party transactions, and alleges ties between Mr. Jason Galanis and COR Capital, which was founded by Banc of California’s CEO.
However, according to the company, the board has long been aware that Mr. Galanis claimed affiliation with BANC/management, and it launched an independent investigation with Winston & Strawn, which concluded that Mr. Galanis did not have a relationship with COR Capital.
On the ratings front, BANC has been the subject of a number of recent research reports. In a report issued on September 21, FBR analyst Bob Ramsey reiterated a Hold rating on BANC. Separately, on August 15, UBS’s David Eads reiterated a Buy rating on the stock and has a price target of $28.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bob Ramsey and David Eads have a total average return of 0.1% and 0.9% respectively. Ramsey has a success rate of 59% and is ranked #2463 out of 4180 analysts, while Eads has a success rate of 57% and is ranked #2204.
Banc of California, Inc. operates as a bank holding company for Banc of California, which provides retail deposits from the general public and invests in commercial, consumer and real estate secured loans. The company operates through four segments: Commercial Banking, Mortgage Banking, Financial Advisory and Corporate. Its deposit product and service offerings include checking, savings, money market, certificates of deposit, retirement accounts as well as mobile, online, cash and treasury management, card payment services, remote deposit, ACH origination, employer and employee retirement planning, telephone banking, automated bill payment, electronic statements, safe deposit boxes, direct deposit and wire transfers.