Banc of California (BANC) to Release Quarterly Earnings on Wednesday

Banc of California (NYSE:BANC) is anticipated to announce its results after the market closes on Wednesday, October 22nd. Analysts expect the company to announce earnings of $0.33 per share and revenue of $283.9050 million for the quarter.

Banc of California (NYSE:BANC) last posted its earnings results on Monday, May 13th. The bank reported $1.03 EPS for the quarter. The firm had revenue of $315.66 million during the quarter. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. 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 Up 4.0%

BANC stock opened at $16.70 on Tuesday. The firm has a 50-day moving average price of $16.59 and a 200-day moving average price of $14.88. Banc of California has a 12 month low of $11.52 and a 12 month high of $18.24. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.47 billion, a P/E ratio of 25.69 and a beta of 0.68.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, September 15th. This represents a $0.40 annualized dividend and a yield of 2.4%. Banc of California’s dividend payout ratio (DPR) is presently 61.54%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Keefe, Bruyette & Woods restated an “outperform” rating and set a $18.00 price target (up previously from $17.00) on shares of Banc of California in a report on Friday, July 25th. Wells Fargo & Company raised their price target on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. JPMorgan Chase & Co. upgraded shares of Banc of California from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $17.00 to $20.00 in a report on Wednesday, October 1st. Weiss Ratings restated a “hold (c)” rating on shares of Banc of California in a report on Wednesday, October 8th. Finally, Raymond James Financial upgraded shares of Banc of California from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, October 7th. One 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 stock. According to data from MarketBeat, Banc of California has a consensus rating of “Moderate Buy” and a consensus target price of $18.70.

Insider Activity at Banc of California

In other news, insider Hamid Hussain sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total transaction of $331,800.00. Following the completion of the sale, the insider owned 66,444 shares of the company’s stock, valued at $1,102,305.96. This trade represents a 23.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 2.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Banc of California

Several large investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its holdings in shares of Banc of California by 9.4% in the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock worth $1,050,000 after buying an additional 6,364 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Banc of California by 209.4% in the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock worth $1,462,000 after buying an additional 69,739 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Banc of California by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock worth $1,173,000 after buying an additional 3,611 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Banc of California by 8.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after buying an additional 297,680 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Banc of California by 1.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after buying an additional 4,263 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

About Banc of California

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.