Banc of California (BANC) Expected to Announce Quarterly Earnings on Wednesday

Banc of California (NYSE:BANC - Get Free Report) is expected to issue its quarterly earnings data after the market closes on Wednesday, July 23rd. Analysts expect the company to announce earnings of $0.28 per share and revenue of $278.43 million for the quarter.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $266.01 million for the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a return on equity of 6.30% and a net margin of 8.23%. The business's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 EPS. 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 Trading Up 1.6%

Shares of NYSE:BANC traded up $0.24 during midday trading on Thursday, reaching $14.68. The company's stock had a trading volume of 1,850,940 shares, compared to its average volume of 2,296,573. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 22.58 and a beta of 0.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a 50 day moving average price of $14.14 and a two-hundred day moving average price of $14.41. Banc of California has a fifty-two week low of $11.52 and a fifty-two week high of $18.08.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Monday, June 16th. Banc of California's payout ratio is 61.54%.

Insiders Place Their Bets

In other news, insider Olivia I. Lindsay sold 11,000 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $13.58, for a total transaction of $149,380.00. Following the transaction, the insider directly owned 30,902 shares of the company's stock, valued at approximately $419,649.16. This trade represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard J. Lashley sold 37,500 shares of Banc of California stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $14.20, for a total transaction of $532,500.00. Following the sale, the director owned 2,280,280 shares of the company's stock, valued at $32,379,976. The trade was a 1.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 86,000 shares of company stock valued at $1,208,000 over the last 90 days. Insiders own 2.69% of the company's stock.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in shares of Banc of California by 9.4% in the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank's stock worth $1,050,000 after acquiring an additional 6,364 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Banc of California by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank's stock worth $1,173,000 after acquiring an additional 3,611 shares during the last quarter. Intech Investment Management LLC lifted its holdings in shares of Banc of California by 29.9% in the 1st quarter. Intech Investment Management LLC now owns 86,010 shares of the bank's stock worth $1,220,000 after acquiring an additional 19,821 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Banc of California by 209.4% in the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank's stock worth $1,462,000 after acquiring an additional 69,739 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Banc of California by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank's stock worth $6,270,000 after acquiring an additional 4,263 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BANC has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Barclays upped their price objective on Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Stephens restated an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Jefferies Financial Group started coverage on Banc of California in a research report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price objective on the stock. Finally, Wells Fargo & Company reduced their target price on Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $17.33.

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.