Banc of California (BANC) to Release Earnings on Tuesday

Banc of California (NYSE:BANC) is set to announce its earnings results before the market opens on Tuesday, July 23rd. Analysts expect the company to announce earnings of $0.20 per share for the quarter. Investors that are interested in participating in the company’s conference call can do so using this link.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The firm had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter in the prior year, the business earned $0.37 earnings per share. On average, analysts expect Banc of California to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Banc of California Stock Performance

Shares of NYSE:BANC opened at $14.39 on Monday. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -4.32 and a beta of 1.14. The firm’s 50 day simple moving average is $13.37 and its 200 day simple moving average is $13.83. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $16.08.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were given a $0.10 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.78%. Banc of California’s dividend payout ratio is -12.01%.

Insider Activity

In other Banc of California news, CEO Jared M. Wolff acquired 7,130 shares of the stock in a transaction dated Thursday, April 25th. The shares were bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 7.37% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BANC shares. DA Davidson cut their price target on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Keefe, Bruyette & Woods dropped their target price on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Stephens dropped their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 14th. Wedbush dropped their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Finally, Barclays dropped their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Banc of California presently has an average rating of “Hold” and an average price target of $15.81.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.