Banc of California (BANC) to Release Earnings on Wednesday

Banc of California (NYSE:BANC - Get Free Report) is expected to be posting its quarterly earnings results after the market closes on Wednesday, July 23rd. Analysts expect Banc of California to post 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 quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The company had revenue of $266.01 million during the quarter, compared to the consensus estimate of $272.36 million. Banc of California had a net margin of 8.23% and a return on equity of 6.30%. The company's revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.19 earnings per share. 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 NYSE:BANC traded up $0.27 during trading on Friday, hitting $15.02. 2,713,944 shares of the company were exchanged, compared to its average volume of 2,305,719. The business's 50 day moving average is $14.18 and its 200-day moving average is $14.40. The company has a market capitalization of $2.22 billion, a P/E ratio of 23.11 and a beta of 0.67. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California has a 1-year low of $11.52 and a 1-year high of $18.08.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were issued a $0.10 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.66%. Banc of California's payout ratio is 61.54%.

Wall Street Analysts Forecast Growth

BANC has been the topic of several recent research reports. Robert W. Baird dropped their price target on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Barclays raised their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company dropped their price target on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Stephens reiterated an "equal weight" rating and issued a $15.00 price objective on shares of Banc of California in a research note on Monday, April 28th. Finally, Jefferies Financial Group initiated coverage on shares of Banc of California in a research note on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price objective for the company. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Banc of California presently has a consensus rating of "Moderate Buy" and an average price target of $17.33.

Insider Buying and Selling

In other news, Director James Andrew Barker acquired 10,000 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were bought at an average price of $13.16 per share, with a total value of $131,600.00. Following the acquisition, the director owned 169,680 shares of the company's stock, valued at $2,232,988.80. This trade represents a 6.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total value of $149,380.00. Following the sale, the insider owned 30,902 shares of the company's stock, valued at approximately $419,649.16. The trade was a 26.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,000 shares of company stock valued at $1,208,000. Corporate insiders own 2.69% of the company's stock.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada grew its stake 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 valued at $1,050,000 after buying an additional 6,364 shares during the period. AQR Capital Management LLC raised its holdings in Banc of California by 209.4% during the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank's stock valued at $1,462,000 after acquiring an additional 69,739 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Banc of California by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank's stock valued at $1,173,000 after acquiring an additional 3,611 shares during the period. Goldman Sachs Group Inc. grew its position in Banc of California by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank's stock worth $53,879,000 after acquiring an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Banc of California by 1.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank's stock valued at $6,270,000 after acquiring an additional 4,263 shares during the last quarter. Institutional investors own 86.88% of the company's stock.

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.