Banc of California Inc (NYSE:BANC) – Research analysts at FIG Partners upped their FY2019 earnings per share (EPS) estimates for Banc of California in a report issued on Wednesday, according to Zacks Investment Research. FIG Partners analyst T. Coffey now anticipates that the bank will post earnings of $1.34 per share for the year, up from their prior forecast of $1.21.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, October 26th. The bank reported $0.23 EPS for the quarter, beating the consensus estimate of $0.19 by $0.04. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. The firm had revenue of $93.40 million during the quarter, compared to analysts’ expectations of $84.24 million. During the same period in the prior year, the firm posted $0.59 earnings per share.
Several other brokerages have also recently commented on BANC. BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Zacks Investment Research raised Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. Piper Jaffray Companies started coverage on Banc of California in a research report on Thursday, December 21st. They set an “overweight” rating and a $26.00 price target for the company. Finally, FBR & Co reissued a “buy” rating and set a $24.00 price target on shares of Banc of California in a research report on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Banc of California currently has an average rating of “Buy” and a consensus price target of $23.50.
Shares of Banc of California (BANC) traded up $0.35 during midday trading on Thursday, reaching $21.50. The company had a trading volume of 422,480 shares, compared to its average volume of 832,576. Banc of California has a 1 year low of $14.40 and a 1 year high of $23.40. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.21. The firm has a market capitalization of $1,080.00, a PE ratio of 20.28, a PEG ratio of 1.49 and a beta of 0.97.
A number of large investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its stake in Banc of California by 18.4% in the third quarter. Public Employees Retirement System of Ohio now owns 111,133 shares of the bank’s stock valued at $2,306,000 after buying an additional 17,241 shares during the period. California Public Employees Retirement System raised its stake in Banc of California by 4.9% in the third quarter. California Public Employees Retirement System now owns 65,267 shares of the bank’s stock valued at $1,354,000 after buying an additional 3,067 shares during the period. Continental Advisors LLC raised its stake in Banc of California by 7.0% in the third quarter. Continental Advisors LLC now owns 184,500 shares of the bank’s stock valued at $3,828,000 after buying an additional 12,000 shares during the period. Second Curve Capital LLC bought a new stake in Banc of California in the third quarter valued at approximately $726,000. Finally, Maltese Capital Management LLC raised its stake in Banc of California by 171.4% in the third quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock valued at $15,770,000 after buying an additional 480,000 shares during the period.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were paid a $0.13 dividend. The ex-dividend date was Thursday, December 14th. This represents a $0.52 annualized dividend and a yield of 2.42%. Banc of California’s dividend payout ratio is 49.06%.
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About Banc of California
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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