Wedbush Upgrades Banc of California Preferred Stock Outlook

A recent report indicates that Wedbush has upgraded its outlook for Banc of California, Inc. - Preferred Stock, suggesting potential positive movements in stock prices. Institutional interest fluctuates, showing varied investor confidence.

Date: 25-09-2024

AI Rating: 6

The report reveals that Wedbush has upgraded the outlook for Banc of California, Inc. - Preferred Stock from Neutral to Outperform. This is a significant upgrade indicating a more favorable outlook and could positively influence investor sentiment and stock price.

Institutional ownership has seen a decline, with total shares owned decreasing by 14.37%. This could suggest a potential concern among some institutional investors. However, the average portfolio weight of funds dedicated to BANC.PRF has increased by 25.40%, indicating a higher interest from remaining investors.

Notably, different funds have shown mixed activity: While PFF decreased its holdings by 2.29%, PFFA significantly increased its allocation by 85.16%, showcasing confidence in Banc of California's potential. Conversely, PFFV and Maltese Capital Management recorded decreases in their holdings, which could weigh negatively on sentiment. Overall, despite the mix in ownership and allocation changes, the upgrade by Wedbush provides a net positive signal.

Stocks: BANC.PRF