Gabelli & Co Downgrades BNC Bancorp to Hold

Brokerage firm Gabelli & Co Downgrades its rating on BNC Bancorp(NASDAQ:BNCN). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Gabelli & Co was issued on Aug 9, 2016.

BNC Bancorp (BNCN) remained unchanged at the close of Wednesday session. Even as the volume increased to 60,890 ,the shares failed to make any impression and ended at 0 points or 0.00% at $23.97. The trading session commenced at $23.99 and the stock hit a high of $24.09 and touched $23.87 at the lower end. Considering that the stock pared all of the losses, it can be said as a positive sign. The share price has a 52-week high of $26.29 and the 52-week low is $19.45. The company has a market cap of $1,153 M and has approximately 4,80,87,676 outstanding shares.

BNC Bancorp(BNCN) last announced its earnings results on Jul 20, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $58.95M. Analysts had an estimated revenue of $60.71M. Earnings per share were $0.41. Analysts had estimated an EPS of $0.39.

Several Insider Transactions has been reported to the SEC. On May 31, 2016, Charles T Iii Hagan (director) sold 300 shares at $23.70 per share price.Also, On May 12, 2016, John S Jr Ramsey (director) sold 3,000 shares at $22.23 per share price.On Apr 27, 2016, W Swope Jr Montgomery (director) sold 4,500 shares at $21.98 per share price, according to the Form-4 filing with the securities and exchange commission.

BNC Bancorp is a bank holding company for Bank of North Carolina (BNC). BNC is a full service commercial bank principally engaged in the business of attracting deposits from the general public and using those deposits together with other funding from its lines of credit to make primarily consumer and commercial loans. The Company’s operations are managed along two operating segments consisting of banking operations and mortgage origination. The primary purpose of the mortgage origination operating segment is the origination and subsequent sale of residential mortgage loans while all other banking activities are performed in the banking operations segment. BNC also offers brokerage services including financial planning wealth management private banking and insurance products.

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