Equities research analysts expect that Banc of California Inc (NYSE:BANC) will report $76.85 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Banc of California’s earnings, with estimates ranging from $74.90 million to $80.60 million. Banc of California posted sales of $79.68 million in the same quarter last year, which would indicate a negative year over year growth rate of 3.6%. The business is scheduled to report its next earnings results on Thursday, January 24th.
On average, analysts expect that Banc of California will report full year sales of $309.67 million for the current year, with estimates ranging from $305.70 million to $315.60 million. For the next financial year, analysts expect that the business will post sales of $324.37 million, with estimates ranging from $311.38 million to $346.00 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Banc of California.
A number of research analysts have issued reports on BANC shares. Zacks Investment Research raised shares of Banc of California from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Monday, July 16th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Banc of California has an average rating of “Hold” and an average target price of $20.75.
Banc of California stock traded up $0.42 during mid-day trading on Friday, reaching $16.89. 620,659 shares of the company traded hands, compared to its average volume of 549,346. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 2.53. The company has a market cap of $828.77 million, a P/E ratio of 20.60, a PEG ratio of 2.00 and a beta of 0.93. Banc of California has a 52-week low of $14.11 and a 52-week high of $23.40.
In other Banc of California news, CAO Michael Alan Smith bought 4,600 shares of the company’s stock in a transaction dated Friday, November 2nd. The shares were purchased at an average price of $16.50 per share, for a total transaction of $75,900.00. Following the acquisition, the chief accounting officer now owns 13,959 shares in the company, valued at approximately $230,323.50. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director W Kirk Wycoff sold 225,300 shares of the business’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $19.99, for a total transaction of $4,503,747.00. Following the sale, the director now owns 4,748 shares in the company, valued at approximately $94,912.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 640,656 shares of company stock worth $12,808,384. Insiders own 18.08% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Banc of California by 7.6% in the 2nd quarter. BlackRock Inc. now owns 6,003,930 shares of the bank’s stock worth $117,376,000 after purchasing an additional 422,637 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Banc of California by 3.5% in the 2nd quarter. Victory Capital Management Inc. now owns 2,489,202 shares of the bank’s stock worth $48,664,000 after purchasing an additional 84,855 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Banc of California by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,445,877 shares of the bank’s stock worth $47,816,000 after purchasing an additional 79,606 shares in the last quarter. Millennium Management LLC boosted its stake in Banc of California by 63.1% in the 2nd quarter. Millennium Management LLC now owns 984,317 shares of the bank’s stock worth $19,243,000 after purchasing an additional 380,740 shares in the last quarter. Finally, EJF Capital LLC boosted its stake in Banc of California by 61.7% in the 2nd quarter. EJF Capital LLC now owns 982,512 shares of the bank’s stock worth $19,208,000 after purchasing an additional 374,712 shares in the last quarter.
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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