Banc of California (NYSE:BANC) Announces Earnings Results

Key Points

• Banc of California reported quarterly EPS of $0.55, exceeding analysts’ $0.45 consensus estimate by $0.10. Revenue totaled $303.07 million, slightly below the $306.27 million forecast.
• The stock rose 1.5% to $18.26, while the company maintained a quarterly dividend of $0.12 per share, representing a 2.6% annualized yield.
• Analyst sentiment remains moderately positive, with seven Buy ratings and three Holds and a consensus price target of $22.50, although some firms recently lowered their targets or ratings.

Banc of California (NYSE:BANC - Get Free Report) posted its quarterly earnings data on Tuesday. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.10, FiscalAI reports. The company had revenue of $303.07 million during the quarter, compared to the consensus estimate of $306.27 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%.

Banc of California Trading Up 1.5%

BANC traded up $0.27 on Tuesday, hitting $18.26. 3,143,124 shares of the company were exchanged, compared to its average volume of 2,833,344. The firm has a fifty day simple moving average of $18.08 and a two-hundred day simple moving average of $18.99. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. Banc of California has a 12 month low of $16.12 and a 12 month high of $21.93. The stock has a market capitalization of $2.89 billion, a PE ratio of -43.48 and a beta of 0.77.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.48 annualized dividend and a yield of 2.6%. Banc of California's dividend payout ratio is currently -114.29%.

Insider Buying and Selling

In other news, General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total transaction of $192,900.30. Following the completion of the sale, the general counsel owned 45,702 shares of the company's stock, valued at approximately $836,346.60. This represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares of the company's stock, valued at approximately $640,419. This trade represents a 15.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.78% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BANC shares. UBS Group initiated coverage on Banc of California in a research note on Monday, September 14th. They set a "neutral" rating and a $20.00 price target for the company. Wells Fargo & Company reduced their price objective on Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 30th. Brean Capital cut Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Weiss Ratings cut Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Finally, Citigroup dropped their target price on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Banc of California currently has an average rating of "Moderate Buy" and a consensus price target of $22.50.

Banc of California Company Profile

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.

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