Banc of California Inc (NYSE:BANC) – Equities researchers at B. Riley upped their Q2 2019 earnings per share (EPS) estimates for shares of Banc of California in a report issued on Tuesday, January 8th. B. Riley analyst S. Moss now anticipates that the bank will post earnings of $0.24 per share for the quarter, up from their previous forecast of $0.23. B. Riley has a “Neutral” rating and a $15.00 price objective on the stock.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, October 25th. The bank reported $0.22 EPS for the quarter, topping the consensus estimate of $0.21 by $0.01. The firm had revenue of $76.02 million during the quarter, compared to analyst estimates of $78.99 million. Banc of California had a net margin of 10.47% and a return on equity of 8.38%.
Several other research analysts have also commented on BANC. ValuEngine lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Banc of California from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Friday, October 12th. Finally, Raymond James cut their price target on shares of Banc of California from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Monday, November 12th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $19.80.
NYSE BANC opened at $14.50 on Thursday. The company has a debt-to-equity ratio of 2.53, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $714.19 million, a P/E ratio of 17.68, a PEG ratio of 1.04 and a beta of 1.21. Banc of California has a 52 week low of $12.22 and a 52 week high of $21.85.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Shareholders of record on Monday, December 17th were paid a dividend of $0.13 per share. The ex-dividend date was Friday, December 14th. This represents a $0.52 dividend on an annualized basis and a yield of 3.59%. Banc of California’s payout ratio is 63.41%.
In other Banc of California news, Director Mary A. Curran acquired 2,000 shares of the company’s stock in a transaction dated Thursday, December 6th. The shares were acquired at an average cost of $15.61 per share, with a total value of $31,220.00. Following the acquisition, the director now directly owns 11,736 shares of the company’s stock, valued at $183,198.96. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michael Alan Smith acquired 4,600 shares of the company’s stock in a transaction dated Friday, November 2nd. The stock was acquired at an average cost of $16.50 per share, for a total transaction of $75,900.00. Following the completion of the acquisition, the chief accounting officer now directly owns 13,959 shares in the company, valued at $230,323.50. The disclosure for this purchase can be found here. Corporate insiders own 18.08% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its holdings in shares of Banc of California by 25.5% during the 2nd quarter. Wells Fargo & Company MN now owns 394,960 shares of the bank’s stock valued at $7,721,000 after acquiring an additional 80,278 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Banc of California by 157.9% during the 2nd quarter. Sei Investments Co. now owns 11,669 shares of the bank’s stock valued at $228,000 after acquiring an additional 7,145 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Banc of California by 5.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 218,380 shares of the bank’s stock valued at $4,270,000 after acquiring an additional 11,112 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Banc of California by 7.6% during the 2nd quarter. BlackRock Inc. now owns 6,003,930 shares of the bank’s stock valued at $117,376,000 after acquiring an additional 422,637 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Banc of California by 4.6% during the 2nd quarter. Legal & General Group Plc now owns 83,424 shares of the bank’s stock valued at $1,615,000 after acquiring an additional 3,694 shares in the last quarter.
About Banc of California
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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