Banc of California (NYSE:BANC) Posts Earnings Results

Banc of California (NYSE:BANC) released its quarterly 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 negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same period in the previous year, the firm earned $0.30 EPS.

Banc of California Stock Performance

BANC traded down $0.01 on Wednesday, hitting $15.41. 467,762 shares of the company traded hands, compared to its average volume of 2,319,905. The stock has a market capitalization of $2.42 billion, a PE ratio of -4.63 and a beta of 1.14. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a 50 day moving average of $14.35 and a 200-day moving average of $13.88. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.69.

Banc of California Dividend Announcement

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

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction 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 transaction, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 7.37% of the company’s stock.

Analyst Ratings Changes

BANC has been the subject of a number of research reports. Barclays lifted 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 report on Wednesday. Wells Fargo & Company upped their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Truist Financial raised their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods decreased their target price 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. Finally, Citigroup started coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Banc of California has an average rating of “Hold” and a consensus target price 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.