Analysts Expect Banc of California, Inc. (NYSE:BANC) Will Post Quarterly Sales of $85.23 Million

Equities analysts predict that Banc of California, Inc. (NYSE:BANCGet Rating) will announce $85.23 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Banc of California’s earnings, with the lowest sales estimate coming in at $83.80 million and the highest estimate coming in at $86.30 million. Banc of California reported sales of $64.02 million in the same quarter last year, which indicates a positive year over year growth rate of 33.1%. The firm is expected to issue its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Banc of California will report full year sales of $345.57 million for the current financial year, with estimates ranging from $338.80 million to $353.30 million. For the next year, analysts forecast that the firm will report sales of $378.33 million, with estimates ranging from $361.50 million to $400.60 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Banc of California.

Banc of California (NYSE:BANCGet Rating) last released its quarterly earnings data on Thursday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.29. Banc of California had a net margin of 29.44% and a return on equity of 12.00%. The business had revenue of $82.35 million during the quarter, compared to analyst estimates of $79.90 million. During the same quarter in the previous year, the business earned $0.25 EPS.

Several equities research analysts recently issued reports on the stock. Raymond James lowered shares of Banc of California from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 6th. Stephens boosted their target price on shares of Banc of California from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Monday, April 25th. StockNews.com lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Friday, May 20th. Zacks Investment Research lowered shares of Banc of California from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 10th. Finally, TheStreet raised shares of Banc of California from a “c+” rating to a “b” rating in a research report on Friday, April 22nd. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.33.

BANC stock opened at $18.96 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.85. Banc of California has a 1 year low of $15.40 and a 1 year high of $22.09. The company has a fifty day simple moving average of $18.57 and a 200 day simple moving average of $19.50. The firm has a market cap of $1.16 billion, a PE ratio of 12.47 and a beta of 1.44.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Tuesday, June 14th. Banc of California’s dividend payout ratio is currently 15.79%.

Institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. raised its position in shares of Banc of California by 5.0% during the third quarter. Invesco Ltd. now owns 273,553 shares of the bank’s stock valued at $5,058,000 after buying an additional 13,124 shares during the last quarter. Millennium Management LLC raised its position in shares of Banc of California by 247.4% during the third quarter. Millennium Management LLC now owns 345,295 shares of the bank’s stock valued at $6,385,000 after buying an additional 245,893 shares during the last quarter. Keebeck Alpha LP acquired a new position in shares of Banc of California during the fourth quarter valued at about $222,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Banc of California by 90.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,674 shares of the bank’s stock valued at $170,000 after buying an additional 4,125 shares during the last quarter. Finally, FJ Capital Management LLC raised its position in shares of Banc of California by 5.0% during the third quarter. FJ Capital Management LLC now owns 1,254,000 shares of the bank’s stock valued at $23,181,000 after buying an additional 60,000 shares during the last quarter. 92.93% of the stock is owned by institutional investors and hedge funds.

Banc of California Company Profile (Get Rating)

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 offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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Earnings History and Estimates for Banc of California (NYSE:BANC)

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