Banc of California (BANC) Projected to Post Earnings on Wednesday

Key Points

• Banc of California is set to release its earnings on Wednesday, October 22nd, with analysts forecasting earnings of $0.33 per share and revenue of $283.9 million for the quarter.
• The company recently paid a quarterly dividend of $0.10 per share, leading to an annualized dividend of $0.40 and a yield of 2.3%.
• Analyst ratings for Banc of California have improved, with multiple firms upgrading their ratings and target prices, including a boost to $20.00 from $17.00 by JPMorgan Chase.

Banc of California (NYSE:BANC - Get Free Report) will likely be releasing its results after the market closes on Wednesday, October 22nd. Analysts expect Banc of California to post earnings of $0.33 per share and revenue of $283.9050 million for the quarter.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Monday, May 13th. The bank reported $1.03 EPS for the quarter. The business had revenue of $315.66 million for the quarter. Banc of California had a return on equity of 7.37% and a net margin of 8.30%. On average, analysts expect Banc of California to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Banc of California Price Performance

Shares of Banc of California stock opened at $17.49 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88. The business's 50 day simple moving average is $16.45 and its two-hundred day simple moving average is $14.80. The stock has a market capitalization of $2.58 billion, a P/E ratio of 26.91 and a beta of 0.68. Banc of California has a one year low of $11.52 and a one year high of $18.24.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Monday, September 15th. Banc of California's dividend payout ratio (DPR) is currently 61.54%.

Insider Buying and Selling

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total value of $331,800.00. Following the sale, the insider directly owned 66,444 shares of the company's stock, valued at approximately $1,102,305.96. The trade was a 23.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.69% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BANC. Osaic Holdings Inc. raised its stake in shares of Banc of California by 210.8% in the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock worth $82,000 after purchasing an additional 3,940 shares during the last quarter. Walleye Capital LLC purchased a new position in shares of Banc of California in the second quarter worth $179,000. Occudo Quantitative Strategies LP purchased a new position in shares of Banc of California in the second quarter worth $203,000. Cerity Partners LLC purchased a new position in shares of Banc of California in the second quarter worth $209,000. Finally, State of Wyoming raised its stake in shares of Banc of California by 12.4% in the second quarter. State of Wyoming now owns 24,528 shares of the bank's stock worth $345,000 after purchasing an additional 2,714 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of recent analyst reports. Raymond James Financial upgraded Banc of California from an "outperform" rating to a "strong-buy" rating in a research report on Tuesday, October 7th. JPMorgan Chase & Co. upgraded Banc of California from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $17.00 to $20.00 in a research report on Wednesday, October 1st. Barclays lifted their price objective on Banc of California from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on Banc of California from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Monday, September 29th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Banc of California in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Banc of California has a consensus rating of "Moderate Buy" and a consensus target price of $18.70.

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.

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