Banc of California (NYSE:BANC) Issues Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Banc of California (NYSE:BANC) announced its earnings results on Tuesday. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11, Yahoo Finance reports. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The company had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same quarter in the previous year, the company earned $0.30 earnings per share.

Banc of California Stock Performance

NYSE BANC traded down $0.01 during trading hours on Wednesday, hitting $15.41. The company had a trading volume of 582,687 shares, compared to its average volume of 2,320,466. The business has a 50 day moving average of $14.35 and a 200-day moving average of $13.88. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. Banc of California has a 1-year low of $9.96 and a 1-year high of $15.69. The company has a market cap of $2.42 billion, a PE ratio of -4.63 and a beta of 1.14.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were given a dividend of $0.10 per share. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.60%. Banc of California’s dividend payout ratio is presently -12.01%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BANC. Wedbush lifted their price objective on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday. Raymond James lifted their target price on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday. Truist Financial increased their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Barclays raised their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods cut their target price on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $16.85.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.37% of the company’s stock.

Banc of California Company Profile

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.