Banc of California (BANC) Expected to Announce Earnings on Wednesday

Banc of California (NYSE:BANC) is expected to announce its results after the market closes on Wednesday, July 22nd. Analysts expect the company to post earnings of $0.40 per share and revenue of $295.3170 million for the quarter.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company had revenue of $286.95 million for the quarter, compared to analysts’ expectations of $291.28 million. During the same quarter last year, the business earned $0.26 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. On average, analysts expect Banc of California to post $2 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 $21.23 on Monday. The company has a market capitalization of $3.27 billion, a P/E ratio of 16.21 and a beta of 0.73. Banc of California has a 1-year low of $13.96 and a 1-year high of $21.61. The firm’s 50 day simple moving average is $19.73 and its two-hundred day simple moving average is $19.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. Banc of California’s dividend payout ratio is 36.64%.

Hedge Funds Weigh In On Banc of California

Several hedge funds have recently modified their holdings of the stock. Triumph Capital Management bought a new position in shares of Banc of California during the third quarter worth $25,000. Advisory Services Network LLC bought a new stake in Banc of California in the 3rd quarter valued at $36,000. Meeder Asset Management Inc. bought a new stake in Banc of California in the 4th quarter valued at $44,000. Danske Bank A S purchased a new stake in Banc of California in the 3rd quarter worth $70,000. Finally, Arax Advisory Partners lifted its stake in Banc of California by 165.3% in the 4th quarter. Arax Advisory Partners now owns 3,829 shares of the bank’s stock worth $74,000 after purchasing an additional 2,386 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Barclays dropped their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. DA Davidson reiterated a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. boosted their price objective on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $22.69.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.