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

Key Points

• Banc of California is set to report quarterly earnings after the market closes on Wednesday, July 22, with analysts expecting $0.40 per share on $295.3 million in revenue.
• The bank’s last quarter topped EPS estimates, posting $0.39 versus $0.38 expected, though revenue came in slightly below forecasts at $286.95 million.
• Wall Street remains broadly bullish on BANC, with an average Buy rating and a consensus price target of $22.69; several firms recently raised targets to the $23-$24 range.

Banc of California (NYSE:BANC - Get Free Report) is anticipated to post its results after the market closes on Wednesday, July 22nd. Analysts expect Banc of California to announce earnings of $0.40 per share and revenue of $295.3170 million for the quarter.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $286.95 million for the quarter, compared to analysts' expectations of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.Banc of California's revenue was up 7.9% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. On average, analysts expect Banc of California to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Banc of California Trading Up 0.4%

Shares of Banc of California stock opened at $20.57 on Wednesday. Banc of California has a 1-year low of $13.96 and a 1-year high of $21.61. The company's fifty day simple moving average is $19.62 and its 200-day simple moving average is $19.20. 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 stock has a market capitalization of $3.17 billion, a PE ratio of 15.71 and a beta of 0.73.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 2.3%. Banc of California's dividend payout ratio is currently 36.64%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BANC. JPMorgan Chase & Co. upped their target price on shares of Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Piper Sandler increased their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. DA Davidson reiterated a "buy" rating and set a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. Weiss Ratings cut shares of Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 4th. Finally, Wells Fargo & Company boosted their target price on shares of Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Banc of California presently has an average rating of "Buy" and a consensus target price of $22.69.

Hedge Funds Weigh In On Banc of California

Several institutional investors have recently made changes to their positions in the company. Graham Capital Management L.P. acquired a new stake in Banc of California in the 4th quarter valued at about $194,000. Smartleaf Asset Management LLC raised its position in Banc of California by 32.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,893 shares of the bank's stock worth $115,000 after acquiring an additional 1,449 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in Banc of California during the third quarter worth about $227,000. Osaic Holdings Inc. lifted its holdings 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 valued at $82,000 after purchasing an additional 3,940 shares in the last quarter. Finally, Occudo Quantitative Strategies LP purchased a new stake in shares of Banc of California in the second quarter valued at about $203,000. Hedge funds and other institutional investors own 86.88% of the company's stock.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

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