Banc of California (NYSE:BANC) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Banc of California (NYSE:BANC) announced its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01, FiscalAI reports. The firm had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. Banc of California’s revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.26 earnings per share.

Banc of California Trading Down 0.6%

NYSE:BANC traded down $0.12 on Friday, hitting $19.05. 3,187,956 shares of the stock were exchanged, compared to its average volume of 2,928,380. The stock has a fifty day moving average of $18.00 and a 200-day moving average of $18.67. The stock has a market cap of $2.86 billion, a PE ratio of 14.55 and a beta of 0.75. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a fifty-two week low of $13.24 and a fifty-two week high of $21.61.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a dividend of $0.12 per share. The ex-dividend date is Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 2.5%. Banc of California’s dividend payout ratio is currently 36.64%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BANC shares. Wall Street Zen upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. DA Davidson restated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a report on Tuesday, April 28th. Keefe, Bruyette & Woods lifted their price objective on Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. Finally, JPMorgan Chase & Co. increased their target price on Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $21.83.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently made changes to their positions in the business. Triumph Capital Management purchased a new stake in shares of Banc of California in the third quarter worth about $25,000. Advisory Services Network LLC purchased a new stake in shares of Banc of California during the 3rd quarter valued at about $36,000. Meeder Asset Management Inc. purchased a new stake in shares of Banc of California during the 4th quarter valued at about $44,000. Arax Advisory Partners lifted its position in Banc of California by 165.3% during the 4th quarter. Arax Advisory Partners now owns 3,829 shares of the bank’s stock worth $74,000 after acquiring an additional 2,386 shares in the last quarter. Finally, Danske Bank A S acquired a new position in Banc of California during the 3rd quarter worth approximately $70,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

About Banc of California

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.