Banc of California (NYSE:BANC – Get Free Report) released its quarterly earnings results on Tuesday. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07), Briefing.com reports. The firm had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same quarter in the previous year, the business posted $0.37 EPS.
Banc of California Stock Performance
NYSE BANC opened at $14.08 on Thursday. The company has a fifty day simple moving average of $14.49 and a 200 day simple moving average of $13.32. Banc of California has a 12-month low of $9.72 and a 12-month high of $16.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.
Banc of California Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s payout ratio is currently -12.01%.
Insider Activity at Banc of California
Analysts Set New Price Targets
Several research firms have recently weighed in on BANC. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Wells Fargo & Company lifted their price objective on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Truist Financial reiterated a “hold” rating and issued a $16.00 price objective on shares of Banc of California in a research note on Monday, April 1st. Wedbush lowered their price objective on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Barclays lowered their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Banc of California has an average rating of “Hold” and a consensus target price of $16.92.
Read Our Latest Stock Analysis on Banc of California
About Banc of California
Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.
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