Banc of California (NYSE:BANC) Issues Quarterly Earnings Results

Banc of California (NYSE:BANC) posted its quarterly earnings results on Thursday. The bank reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05, Zacks reports. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%.

Banc of California Price Performance

BANC opened at $16.06 on Thursday. The company has a 50 day simple moving average of $16.18 and a two-hundred day simple moving average of $15.00. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.49%. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. DA Davidson lifted their price objective on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Barclays raised their price objective on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Wedbush boosted their target price on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Raymond James raised their target price on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $17.00 to $20.00 in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.10.

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.