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

Banc of California (NYSE:BANC) announced its quarterly earnings results on Tuesday. The bank reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11, Yahoo Finance reports. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter last year, the business posted $0.30 earnings per share.

Banc of California Stock Down 0.1 %

Shares of NYSE:BANC traded down $0.01 during midday trading on Wednesday, hitting $15.41. 467,762 shares of the company’s stock traded hands, compared to its average volume of 2,319,905. The firm’s fifty day moving average price is $14.35 and its two-hundred day moving average price is $13.88. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.69. The company has a market cap of $2.42 billion, a PE ratio of -4.63 and a beta of 1.14.

Banc of California Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Truist Financial raised their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. Wells Fargo & Company increased their price objective on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. Barclays raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Raymond James upped their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $16.85.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was 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 $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 7.37% of the stock is owned by insiders.

About Banc of California

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.