Banc of California (BANC) to Release Earnings on Wednesday

Banc of California (NYSE:BANC) will likely be releasing its earnings data after the market closes on Wednesday, July 23rd. Analysts expect Banc of California to post earnings of $0.28 per share and revenue of $278.43 million for the quarter.

Banc of California (NYSE:BANC) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Banc of California had a net margin of 8.23% and a return on equity of 6.30%. The business had revenue of $266.01 million during the quarter, compared to analysts’ expectations of $272.36 million. During the same period in the prior year, the company earned $0.19 earnings per share. The business’s revenue was up 1.2% compared to the same quarter last year. 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 Price Performance

Shares of NYSE:BANC opened at $14.37 on Wednesday. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 22.11 and a beta of 0.67. Banc of California has a one year low of $11.52 and a one year high of $18.08. The company has a 50-day simple moving average of $14.12 and a 200-day simple moving average of $14.41. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, June 16th. This represents a $0.40 annualized dividend and a yield of 2.78%. Banc of California’s dividend payout ratio is currently 61.54%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Stephens restated an “equal weight” rating and set a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. JPMorgan Chase & Co. upped their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 1st. Robert W. Baird lowered their target price on shares of Banc of California from $19.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, April 25th. Jefferies Financial Group assumed coverage on shares of Banc of California in a research report on Wednesday, May 21st. They set a “buy” rating and a $18.00 target price on the stock. Finally, Barclays upped their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.33.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 37,500 shares of the firm’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total value of $532,500.00. Following the transaction, the director owned 2,280,280 shares of the company’s stock, valued at approximately $32,379,976. This trade represents a 1.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Olivia I. Lindsay sold 11,000 shares of the firm’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $13.58, for a total transaction of $149,380.00. Following the completion of the transaction, the insider directly owned 30,902 shares in the company, valued at approximately $419,649.16. This represents a 26.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 86,000 shares of company stock valued at $1,208,000 over the last quarter. Company insiders own 2.69% of the company’s stock.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in Banc of California by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock valued at $53,879,000 after purchasing an additional 297,680 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Banc of California by 1.0% during 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 valued at $6,270,000 after purchasing an additional 4,263 shares in the last quarter. AQR Capital Management LLC grew its holdings in Banc of California by 209.4% during the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after purchasing an additional 69,739 shares in the last quarter. Intech Investment Management LLC boosted its stake in Banc of California by 29.9% in the first quarter. Intech Investment Management LLC now owns 86,010 shares of the bank’s stock valued at $1,220,000 after acquiring an additional 19,821 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Banc of California by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock valued at $1,173,000 after acquiring an additional 3,611 shares during the period. 86.88% of the stock is owned by institutional investors and hedge funds.

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.