Banc of California (NYSE:BANC) Shares Gap Down After Earnings Miss

Shares of Banc of California, Inc. (NYSE:BANC - Get Free Report) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $13.95, but opened at $13.53. Banc of California shares last traded at $13.94, with a volume of 281,469 shares trading hands.

The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company had revenue of $522.57 million during the quarter, compared to analysts' expectations of $296.02 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same period last year, the firm posted $0.37 EPS.

Banc of California Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BANC. Keefe, Bruyette & Woods raised shares of Banc of California from a "market perform" rating to an "outperform" rating and upped their price target for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Barclays decreased their price target on shares of Banc of California from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Wells Fargo & Company upped their price target on shares of Banc of California from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 10th. Truist Financial reissued a "hold" rating and issued a $16.00 target price on shares of Banc of California in a research note on Monday, April 1st. Finally, StockNews.com started coverage on shares of Banc of California in a research note on Monday, January 29th. They issued a "hold" rating on the stock. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, Banc of California presently has a consensus rating of "Hold" and an average target price of $16.79.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its holdings in Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank's stock worth $26,000 after acquiring an additional 1,825 shares in the last quarter. Riverview Trust Co bought a new stake in shares of Banc of California in the 1st quarter valued at about $29,000. Future Financial Wealth Managment LLC bought a new stake in shares of Banc of California in the 1st quarter valued at about $30,000. Lee Financial Co bought a new stake in shares of Banc of California in the 4th quarter valued at about $40,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in shares of Banc of California in the 4th quarter valued at about $41,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Up 0.9 %

The firm has a market capitalization of $2.21 billion, a P/E ratio of -4.46 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. The business's fifty day moving average price is $14.49 and its two-hundred day moving average price is $13.32.

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.