Banc of California (NYSE:BANC) Announces 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 negative net margin of 20.75% and a positive return on equity of 2.93%.

Banc of California Stock Up 1.9 %

BANC stock opened at $16.00 on Friday. Banc of California has a 52-week low of $11.88 and a 52-week high of $18.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company’s 50-day simple moving average is $16.17 and its 200-day simple moving average is $15.02.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.50%. Banc of California’s payout ratio is -9.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Stephens raised their target price on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Raymond James raised their price objective on Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday. Citigroup began coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target on the stock. StockNews.com upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $17.00 to $20.00 in a research note on Monday, January 6th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.