Wall Street analysts expect that Banc of California Inc (NYSE:BANC) will report earnings per share of $0.20 for the current quarter, Zacks reports. Six analysts have provided estimates for Banc of California’s earnings. The lowest EPS estimate is $0.14 and the highest is $0.35. Banc of California also posted earnings of $0.20 per share in the same quarter last year. The business is expected to issue its next earnings report on Wednesday, July 25th.
According to Zacks, analysts expect that Banc of California will report full year earnings of $0.66 per share for the current year, with EPS estimates ranging from $0.53 to $0.98. For the next year, analysts forecast that the business will report earnings of $1.07 per share, with EPS estimates ranging from $0.95 to $1.35. Zacks’ EPS calculations are a mean average based on a survey of research analysts that follow Banc of California.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Friday, April 27th. The bank reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.11. The business had revenue of $80.02 million during the quarter, compared to analyst estimates of $78.46 million. Banc of California had a return on equity of 8.37% and a net margin of 11.46%. During the same quarter in the prior year, the firm posted $0.23 earnings per share.
Several analysts have recently weighed in on the company. Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. B. Riley cut their price objective on Banc of California from $20.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, June 19th. Bank of America lowered Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 price objective for the company. in a report on Friday, April 6th. FIG Partners raised Banc of California from an “underperform” rating to a “market perform” rating in a report on Monday, April 30th. Finally, ValuEngine downgraded Banc of California from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $21.83.
In other Banc of California news, General Counsel John C. Grosvenor sold 23,941 shares of the company’s stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $18.78, for a total value of $449,611.98. Following the transaction, the general counsel now directly owns 35,438 shares of the company’s stock, valued at approximately $665,525.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 18.08% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN increased its holdings in shares of Banc of California by 15.4% during the fourth quarter. Wells Fargo & Company MN now owns 308,826 shares of the bank’s stock worth $6,377,000 after buying an additional 41,207 shares in the last quarter. HBK Investments L P grew its holdings in shares of Banc of California by 3.2% during the fourth quarter. HBK Investments L P now owns 121,100 shares of the bank’s stock worth $2,501,000 after buying an additional 3,700 shares in the last quarter. Second Curve Capital LLC grew its holdings in shares of Banc of California by 300.0% during the fourth quarter. Second Curve Capital LLC now owns 140,000 shares of the bank’s stock worth $2,891,000 after buying an additional 105,000 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Banc of California during the fourth quarter worth $298,000. Finally, Brandywine Global Investment Management LLC grew its holdings in shares of Banc of California by 17.6% during the fourth quarter. Brandywine Global Investment Management LLC now owns 157,696 shares of the bank’s stock worth $3,257,000 after buying an additional 23,563 shares in the last quarter.
Shares of Banc of California traded up $0.50, hitting $19.55, during trading on Tuesday, Marketbeat reports. The stock had a trading volume of 836,531 shares, compared to its average volume of 453,906. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.87. The firm has a market cap of $989.11 million, a price-to-earnings ratio of 24.44, a price-to-earnings-growth ratio of 2.41 and a beta of 0.84. Banc of California has a fifty-two week low of $17.10 and a fifty-two week high of $23.40.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 15th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 2.66%. The ex-dividend date is Thursday, June 14th. Banc of California’s payout ratio is currently 63.41%.
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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