Banc of California Inc (NYSE:BANC) – Investment analysts at FIG Partners lifted their FY2018 earnings per share (EPS) estimates for shares of Banc of California in a research report issued to clients and investors on Wednesday, Zacks Investment Research reports. FIG Partners analyst T. Coffey now expects that the bank will post earnings per share of $1.20 for the year, up from their previous estimate of $1.07.
Banc of California (NYSE:BANC) last announced its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. The business had revenue of $93.40 million for the quarter, compared to analyst estimates of $84.24 million. During the same quarter last year, the business earned $0.59 earnings per share.
Several other brokerages have also issued reports on BANC. BidaskClub upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Zacks Investment Research raised shares of Banc of California from a “strong sell” rating to a “hold” rating in a research note on Monday, October 9th. Piper Jaffray Companies began coverage on shares of Banc of California in a research note on Thursday, December 21st. They issued an “overweight” rating and a $26.00 price target on the stock. Finally, FBR & Co reissued a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. Banc of California presently has a consensus rating of “Buy” and a consensus price target of $23.50.
Shares of Banc of California (BANC) traded down $0.02 during midday trading on Friday, hitting $21.45. 707,794 shares of the stock traded hands, compared to its average volume of 546,646. Banc of California has a 1-year low of $14.40 and a 1-year high of $23.40. The firm has a market capitalization of $1,084.00, a price-to-earnings ratio of 18.82, a price-to-earnings-growth ratio of 1.49 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.21.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Thursday, December 14th. Banc of California’s dividend payout ratio is currently 45.61%.
Large investors have recently bought and sold shares of the company. Oppenheimer Asset Management Inc. lifted its stake in shares of Banc of California by 13.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock worth $129,000 after buying an additional 718 shares in the last quarter. Massey Quick Simon & CO. LLC purchased a new position in shares of Banc of California in the third quarter worth about $179,000. Quantbot Technologies LP lifted its stake in shares of Banc of California by 193.0% in the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock worth $193,000 after buying an additional 6,140 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Banc of California by 6,699.3% during the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after purchasing an additional 9,312 shares during the period. Finally, Suntrust Banks Inc. purchased a new position in Banc of California during the second quarter worth about $231,000.
TRADEMARK VIOLATION NOTICE: This news story was posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this news story on another site, it was copied illegally and reposted in violation of United States & international copyright & trademark legislation. The original version of this news story can be viewed at https://www.dispatchtribunal.com/2018/01/14/research-analysts-offer-predictions-for-banc-of-california-incs-fy2018-earnings-banc.html.
Banc of California Company Profile
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.
Get a free copy of the Zacks research report on Banc of California (BANC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Banc of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California and related companies with MarketBeat.com's FREE daily email newsletter.