Banc of California (BANC) Set to Announce Earnings on Tuesday

Banc of California (NYSE:BANC) is set to post its quarterly earnings results before the market opens on Tuesday, April 23rd. Analysts expect Banc of California to post earnings of $0.26 per share for the quarter. Individual that wish to register for the company’s earnings conference call can do so using this link.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). The firm had revenue of $193.06 million for the quarter, compared to analyst estimates of $163.11 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same period in the prior year, the firm earned $0.45 EPS. 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 Stock Down 1.6 %

Banc of California stock opened at $13.93 on Tuesday. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -4.41 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. Banc of California has a fifty-two week low of $9.72 and a fifty-two week high of $16.08. The firm has a fifty day moving average price of $14.40 and a two-hundred day moving average price of $13.24.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio is -12.66%.

Insider Buying and Selling

In other Banc of California news, Director James Andrew Barker bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the transaction, the director now owns 159,680 shares in the company, valued at $2,101,388.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Institutional Trading of Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its stake in Banc of California by 34.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock valued at $48,000 after buying an additional 1,067 shares during the last quarter. Point72 Middle East FZE acquired a new position in Banc of California in the 4th quarter valued at about $54,000. Quantbot Technologies LP grew its stake in Banc of California by 158.3% in the 2nd quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock valued at $54,000 after buying an additional 1,900 shares during the last quarter. Captrust Financial Advisors grew its stake in Banc of California by 63.5% in the 1st quarter. Captrust Financial Advisors now owns 3,663 shares of the bank’s stock valued at $71,000 after buying an additional 1,423 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado acquired a new position in Banc of California in the 4th quarter valued at about $108,000. Institutional investors own 86.88% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on BANC. Barclays began coverage on shares of Banc of California in a research report on Friday, March 8th. They set an “equal weight” rating and a $16.00 price objective for the company. StockNews.com began coverage on shares of Banc of California in a research note on Monday, January 29th. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and upped their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Wells Fargo & Company upped their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Truist Financial reissued a “hold” rating and issued a $16.00 target price on shares of Banc of California in a research note on Monday, April 1st. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.07.

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.