Banc of California (NYSE:BANC) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Banc of California (NYSE:BANC - Get Free Report) issued its earnings results on Tuesday. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07), Briefing.com reports. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The company had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter in the prior year, the firm earned $0.37 earnings per share.

Banc of California Stock Performance

Shares of BANC stock traded up $0.14 during midday trading on Wednesday, hitting $14.09. The company had a trading volume of 3,730,342 shares, compared to its average volume of 2,477,006. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -4.46 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. The company's 50 day simple moving average is $14.49 and its 200 day simple moving average is $13.32. Banc of California has a 52-week low of $9.72 and a 52-week high of $16.08.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.84%. The ex-dividend date was Thursday, March 14th. Banc of California's dividend payout ratio (DPR) is presently -12.66%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wedbush lowered their target price on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday. Truist Financial reiterated a "hold" rating and issued a $16.00 price objective on shares of Banc of California in a report on Monday, April 1st. Wells Fargo & Company increased their price target on shares of Banc of California from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 10th. StockNews.com began coverage on shares of Banc of California in a report on Monday, January 29th. They issued a "hold" rating for the company. Finally, Barclays reduced their price objective on Banc of California from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $16.79.

Insider Activity at Banc of California

In other news, insider Robert G. Dyck sold 10,000 shares of the business's stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares in the company, valued at $373,935.63. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.37% of the stock is currently owned by insiders.

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.