Banc of California (NYSE:BANC) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Banc of California (NYSE:BANC) announced its earnings results on Tuesday. The bank reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01, Zacks reports. The company had revenue of $303.07 million for the quarter, compared to the consensus estimate of $306.27 million. The company’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm posted $0.38 EPS.

Banc of California Stock Performance

Shares of Banc of California stock opened at $17.99 on Wednesday. The company’s 50 day moving average price is $18.05 and its 200-day moving average price is $18.98. Banc of California has a 52-week low of $16.12 and a 52-week high of $21.93.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.7%. The ex-dividend date was Tuesday, September 15th.

More Banc of California News

Here are the key news stories impacting Banc of California this week:

• Positive Sentiment: Third-quarter diluted EPS was $0.46, up 21% from $0.38 a year earlier and ahead of the $0.45 consensus estimate. Net earnings available to common stockholders increased to $73.1 million from $59.7 million. Banc of California Q3 Earnings
• Positive Sentiment: Pre-tax, pre-provision income rose 16% year over year to $118.4 million, while net interest income reached $272.4 million and total revenue increased approximately 6% to about $303.8 million. Banc of California Third-Quarter Results
• Positive Sentiment: Loans held for investment grew by $379.7 million to $24.6 billion, deposits increased by $139.1 million to $28.3 billion, and the CET1 capital ratio improved 45 basis points to 9.70%, indicating balance-sheet growth and improved capital strength. Banc of California Earnings Results
• Neutral Sentiment: Banc of California launched a private-banking arm aimed at attracting wealthy Los Angeles clients. The initiative could broaden fee-based revenue and deposits, but its financial contribution and execution remain unproven. Banc of California Launches Private Banking Arm
• Negative Sentiment: Revenue of roughly $303 million was modestly below the approximately $306 million analyst estimate, limiting the strength of the earnings beat. The company also reported third-quarter net charge-offs; investors will watch subsequent disclosures for evidence of deteriorating credit quality. Banc of California Net Charge-offs

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BANC shares. Piper Sandler lowered their price objective on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Citigroup cut their price target on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Barclays increased their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, October 5th. Weiss Ratings lowered shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Finally, Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.50.

Insider Buying and Selling at Banc of California

In other Banc of California news, insider Olivia Lindsay sold 6,000 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Ido Dotan sold 10,541 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the transaction, the general counsel directly owned 45,702 shares of the company’s stock, valued at approximately $836,346.60. This trade represents a 18.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.78% of the stock is currently owned by corporate insiders.

Banc of California Company Profile

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.