Research Analysts Set Expectations for Banc of California’s Q1 2018 Earnings (BANC)
Banc of California (NYSE:BANC) – Stock analysts at B. Riley issued their Q1 2018 earnings per share estimates for Banc of California in a research report issued to clients and investors on Thursday, April 12th. B. Riley analyst S. Moss anticipates that the bank will post earnings per share of ($0.11) for the quarter. B. Riley currently has a “Neutral” rating and a $20.00 price target on the stock. B. Riley also issued estimates for Banc of California’s FY2018 earnings at $0.57 EPS.
A number of other analysts have also recently commented on BANC. Piper Jaffray started coverage on Banc of California in a research report on Thursday, December 21st. They issued an “overweight” rating and a $26.00 price target for the company. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Monday, January 1st. FIG Partners cut Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Finally, Bank of America cut Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a research report on Friday, April 6th. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $22.00.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $78.87 million during the quarter, compared to analysts’ expectations of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The business’s quarterly revenue was down 31.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.54 earnings per share.
Several large investors have recently added to or reduced their stakes in BANC. New York State Common Retirement Fund grew its position in shares of Banc of California by 46.5% during the third quarter. New York State Common Retirement Fund now owns 450,924 shares of the bank’s stock worth $9,357,000 after purchasing an additional 143,053 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Banc of California by 22.5% during the third quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock worth $19,287,000 after purchasing an additional 170,632 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Banc of California by 3.2% during the third quarter. Russell Investments Group Ltd. now owns 106,196 shares of the bank’s stock worth $2,204,000 after purchasing an additional 3,324 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Banc of California during the third quarter worth about $238,000. Finally, JPMorgan Chase & Co. grew its position in shares of Banc of California by 6,699.3% during the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after purchasing an additional 9,312 shares in the last quarter.
In other Banc of California news, insider John A. Bogler bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the completion of the transaction, the insider now owns 37,500 shares of the company’s stock, valued at approximately $723,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 16.89% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Wednesday, March 14th. Banc of California’s dividend payout ratio is currently 63.41%.
Banc of California Company Profile
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's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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