Banc of California (NYSE:BANC) Announces Earnings Results

Banc of California (NYSE:BANC) announced its quarterly earnings data on Tuesday. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07), Briefing.com reports. The firm had revenue of $522.57 million for the quarter, compared to analyst estimates 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 company earned $0.37 earnings per share.

Banc of California Stock Up 0.9 %

NYSE:BANC opened at $14.08 on Thursday. The firm’s 50 day simple moving average is $14.49 and its 200 day simple moving average is $13.32. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a one year low of $9.72 and a one year high of $16.08.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.84%. Banc of California’s dividend payout ratio is presently -12.01%.

Insider Buying and Selling

In other news, Director Richard J. Lashley purchased 10,000 shares of the stock in a transaction on Thursday, February 29th. The stock was purchased at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at $214,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.37% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on BANC. Truist Financial reiterated a “hold” rating and set a $16.00 price objective on shares of Banc of California in a research note on Monday, April 1st. Barclays reduced their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Wedbush reduced their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company raised their price target 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. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $16.92.

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.