Banc of California (NYSE:BANC) Posts Earnings Results, Misses Expectations By $0.09 EPS

Banc of California (NYSE:BANC) announced its quarterly earnings results on Tuesday. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09), Zacks reports. Banc of California had a positive return on equity of 2.27% and a negative net margin of 21.99%. The company had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same quarter in the prior year, the firm earned $0.32 earnings per share.

Banc of California Trading Up 1.9 %

Shares of BANC stock traded up $0.25 during mid-day trading on Thursday, hitting $13.20. The company had a trading volume of 730,376 shares, compared to its average volume of 2,410,774. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.54. The stock’s 50 day moving average price is $13.37 and its 200-day moving average price is $13.84. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, June 14th. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Analysts Set New Price Targets

A number of brokerages have recently commented on BANC. Piper Sandler reduced their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Truist Financial boosted their target price on shares of Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research report on Wednesday. DA Davidson cut their target price on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Barclays cut their target price on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, StockNews.com upgraded shares of Banc of California to a “sell” rating in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $15.69.

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.