Banc of California (NYSE:BANC) Announces Earnings Results

Banc of California (NYSE:BANC) announced its quarterly earnings results on Thursday. The bank reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05, Zacks reports. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%.

Banc of California Stock Performance

Shares of BANC stock opened at $15.88 on Thursday. Banc of California has a 12 month low of $11.88 and a 12 month high of $18.08. The firm has a market capitalization of $2.52 billion, a PE ratio of -3.72 and a beta of 1.14. The firm has a fifty day simple moving average of $16.18 and a two-hundred day simple moving average of $15.00. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California’s dividend payout ratio is currently -9.37%.

Wall Street Analysts Forecast Growth

BANC has been the subject of several recent research reports. DA Davidson upped their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price target on shares of Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Citigroup began coverage on Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $17.00 to $20.00 in a research report on Monday, January 6th. Finally, Stephens lifted their target price on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Banc of California currently has an average rating of “Moderate Buy” and a consensus price target of $18.10.

Banc of California Company Profile

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.