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

Key Points

• Banc of California is expected to report quarterly earnings before market open on October 27, with analysts forecasting $0.4502 in earnings per share and $306.27 million in revenue.
• The bank’s previous quarter was significantly weaker than expected: it reported a $1.61 per-share loss versus a projected $0.40 profit, while revenue fell 94% year over year to $16.41 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $22.50 price target, compared with the stock’s recent price of $16.99; the company also pays a quarterly dividend of $0.12 per share.

Banc of California (NYSE:BANC - Get Free Report) will likely be posting its results before the market opens on Tuesday, October 27th. Analysts expect Banc of California to post earnings of $0.4502 per share and revenue of $306.27 million for the quarter.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%. The company had revenue of $16.41 million for the quarter, compared to analyst estimates of $295.32 million. During the same quarter last year, the company posted $0.31 earnings per share. The firm's quarterly revenue was down 94.0% on a year-over-year basis. On average, analysts expect Banc of California to post $1.72 EPS for the current fiscal year and $2.14 EPS for the next fiscal year.

Banc of California Stock Down 1.1%

Shares of BANC opened at $16.99 on Tuesday. 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 52 week low of $16.11 and a 52 week high of $21.93. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -40.45 and a beta of 0.77. The stock has a fifty day moving average of $18.25 and a 200-day moving average of $19.02.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were given a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.8%. Banc of California's payout ratio is currently -114.29%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Citigroup lowered their target price on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a report on Friday, July 31st. Piper Sandler cut their price target on Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, October 1st. Wall Street Zen raised Banc of California from a "strong sell" rating to a "sell" rating in a research note on Sunday, September 27th. UBS Group started coverage on Banc of California in a report on Monday, September 14th. They set a "neutral" rating and a $20.00 price target on the stock. Finally, Barclays boosted their price target on Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, October 5th. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $22.50.

Insider Buying and Selling at Banc of California

In other news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. The trade was a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Ido Dotan sold 10,541 shares of the business's stock in a transaction 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 directly owned 45,702 shares in the company, valued at approximately $836,346.60. This represents a 18.74% decrease in their position. The SEC filing for this sale provides additional information. 2.78% of the stock is currently owned by company insiders.

About Banc of California

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 and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.

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