Analysts predict that Banc of California (NYSE:BANC) will announce ($0.05) earnings per share (EPS) for the current quarter, Zacks reports. Five analysts have made estimates for Banc of California’s earnings, with estimates ranging from ($0.05) to ($0.04). Banc of California posted earnings per share of $0.08 in the same quarter last year, which would indicate a negative year-over-year growth rate of 162.5%. The firm is expected to announce its next earnings report on Wednesday, May 2nd.
On average, analysts expect that Banc of California will report full year earnings of $0.61 per share for the current fiscal year, with EPS estimates ranging from $0.53 to $0.66. For the next financial year, analysts forecast that the business will report earnings of $1.21 per share, with EPS estimates ranging from $0.96 to $1.38. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Banc of California.
Banc of California (NYSE:BANC) last issued its earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million for the quarter, compared to analyst estimates of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The business’s quarterly revenue was down 31.7% on a year-over-year basis. During the same period last year, the company posted $0.54 EPS.
Several research analysts recently weighed in on the company. B. Riley lowered Banc of California from a “buy” rating to a “neutral” rating and cut their target price for the stock from $25.00 to $20.00 in a research report on Thursday, February 1st. Zacks Investment Research lowered Banc of California from a “strong-buy” rating to a “sell” rating in a research report on Tuesday, January 30th. Piper Jaffray reaffirmed a “buy” rating and issued a $25.00 target price on shares of Banc of California in a research report on Thursday, February 8th. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $22.00.
Shares of BANC traded down $1.20 during trading hours on Friday, hitting $18.15. The stock had a trading volume of 2,087,878 shares, compared to its average volume of 629,756. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 2.51. The firm has a market capitalization of $919.53, a P/E ratio of 22.13, a price-to-earnings-growth ratio of 2.41 and a beta of 0.88. Banc of California has a 12-month low of $17.10 and a 12-month high of $23.40.
The business also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were issued a $0.13 dividend. The ex-dividend date was Wednesday, March 14th. This represents a $0.52 annualized dividend and a yield of 2.87%. Banc of California’s dividend payout ratio is currently 63.41%.
In related news, insider John A. Bogler purchased 20,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $19.30 per share, for a total transaction of $386,000.00. Following the acquisition, the insider now owns 37,500 shares in the company, valued at $723,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.89% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. FNY Partners Fund LP acquired a new stake in shares of Banc of California during the fourth quarter valued at about $103,000. JPMorgan Chase & Co. grew its stake in shares of Banc of California by 6,699.3% during the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after acquiring an additional 9,312 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Banc of California during the third quarter valued at about $238,000. Teacher Retirement System of Texas acquired a new stake in shares of Banc of California during the fourth quarter valued at about $298,000. Finally, Gator Capital Management LLC acquired a new stake in shares of Banc of California during the fourth quarter valued at about $310,000.
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Banc of California Company Profile
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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