Banc of California (NYSE:BANC) Announces Earnings Results

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

Banc of California Trading Down 0.1 %

Shares of NYSE BANC traded down $0.01 during midday trading on Wednesday, reaching $15.41. 582,687 shares of the stock were exchanged, compared to its average volume of 2,320,466. The stock has a 50 day moving average price of $14.35 and a 200-day moving average price of $13.88. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.42 billion, a P/E ratio of -4.63 and a beta of 1.14. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.69.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend 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 currently -12.01%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.37% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on BANC. Stephens restated an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Truist Financial upped their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Wells Fargo & Company lifted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday. Raymond James boosted their target price on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods cut their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $16.85.

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.