Banc of California (BANC) Projected to Post Earnings on Wednesday

Banc of California (NYSE:BANC) is expected to be announcing its results after the market closes on Wednesday, January 21st. Analysts expect the company to announce earnings of $0.38 per share and revenue of $288.4130 million for the quarter.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Banc of California had a return on equity of 8.00% and a net margin of 11.49%.The company had revenue of $287.73 million for the quarter, compared to analyst estimates of $283.91 million. During the same period in the previous year, the company posted ($0.01) EPS. The firm’s revenue for the quarter was up 32.8% compared to the same quarter last year. 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 Stock Down 0.2%

Shares of NYSE BANC opened at $20.83 on Tuesday. The business has a 50-day moving average of $19.11 and a 200-day moving average of $17.17. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 20.03 and a beta of 0.69. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 12 month low of $11.52 and a 12 month high of $21.09.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were given a dividend of $0.10 per share. The ex-dividend date was Monday, December 15th. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. Banc of California’s dividend payout ratio (DPR) is presently 38.46%.

Institutional Investors Weigh In On Banc of California

Several large investors have recently added to or reduced their stakes in the stock. Triumph Capital Management purchased a new stake in Banc of California in the third quarter worth $25,000. Advisory Services Network LLC purchased a new position in shares of Banc of California during the third quarter worth approximately $36,000. Danske Bank A S bought a new stake in shares of Banc of California during the third quarter valued at approximately $70,000. Osaic Holdings Inc. grew its stake in Banc of California by 210.8% in the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank’s stock worth $82,000 after purchasing an additional 3,940 shares in the last quarter. Finally, Walleye Capital LLC purchased a new position in Banc of California during the 2nd quarter worth $179,000. 86.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BANC has been the subject of several research reports. JPMorgan Chase & Co. upped their target price on Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Wells Fargo & Company boosted their price objective on Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. DA Davidson boosted their price objective on shares of Banc of California from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, October 8th. Finally, Citigroup raised shares of Banc of California from a “neutral” rating to a “buy” rating and raised their target price for the stock from $18.00 to $21.50 in a research report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.95.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.