Banc of California (NYSE:BANC) Shares Gap Down After Earnings Miss

Shares of Banc of California, Inc. (NYSE:BANC) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $13.95, but opened at $13.53. Banc of California shares last traded at $13.94, with a volume of 281,469 shares changing hands.

The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The company had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. During the same quarter last year, the business earned $0.37 EPS.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Thursday, March 14th. Banc of California’s dividend payout ratio is presently -12.66%.

Analysts Set New Price Targets

Several research analysts have weighed in on BANC shares. Truist Financial reissued a “hold” rating and set a $16.00 price objective on shares of Banc of California in a report on Monday, April 1st. Barclays started coverage on shares of Banc of California in a report on Friday, March 8th. They set an “equal weight” rating and a $16.00 price objective for the company. StockNews.com assumed coverage on shares of Banc of California in a report on Monday, January 29th. They set a “hold” rating for the company. Wedbush decreased their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $16.93.

Insider Buying and Selling at Banc of California

In related news, Director Richard J. Lashley purchased 10,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $21.40 per share, for a total transaction of $214,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at $214,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is currently owned by company insiders.

Institutional Trading of Banc of California

A number of hedge funds and other institutional investors have recently made changes to their positions in BANC. Versant Capital Management Inc raised its holdings in shares of Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,825 shares during the period. Riverview Trust Co purchased a new position in Banc of California during the first quarter valued at approximately $29,000. Future Financial Wealth Managment LLC purchased a new position in Banc of California during the first quarter valued at approximately $30,000. Lee Financial Co purchased a new position in Banc of California during the fourth quarter valued at approximately $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new position in Banc of California during the fourth quarter valued at approximately $41,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Price Performance

The stock’s 50-day moving average is $14.49 and its 200 day moving average is $13.32. The stock has a market capitalization of $2.15 billion, a PE ratio of -4.41 and a beta of 1.15. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

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.