Banc of California (NYSE:BANC) Announces Quarterly Earnings Results

Banc of California (NYSE:BANC) posted its quarterly earnings data on Tuesday. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11, Yahoo Finance reports. The company had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter last year, the firm posted $0.30 earnings per share.

Banc of California Price Performance

Banc of California stock traded up $0.02 during trading hours on Friday, hitting $15.47. 57,029 shares of the stock were exchanged, compared to its average volume of 2,324,307. The stock has a market capitalization of $2.43 billion, a P/E ratio of -4.64 and a beta of 1.14. Banc of California has a 12 month low of $10.53 and a 12 month high of $15.69. The business’s 50-day moving average is $14.44 and its two-hundred day moving average is $13.91. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.59%. Banc of California’s dividend payout ratio is -12.01%.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 7.37% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BANC shares. DA Davidson lifted their price target on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday. Citigroup assumed coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. Wedbush upped their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday. Wells Fargo & Company raised their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Raymond James increased their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.20.

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.