Banc of California (NYSE:BANC) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Banc of California, Inc. (NYSE:BANC) shares passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $18.05 and traded as high as $18.32. Banc of California shares last traded at $18.2620, with a volume of 3,191,329 shares.

Trending Headlines about Banc of California

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

• Positive Sentiment: Q3 earnings exceeded expectations: Banc of California reported diluted earnings per share of $0.46, up 21% from $0.38 a year earlier and ahead of the $0.45 Zacks consensus estimate. Some market data feeds reported adjusted EPS of $0.55, also above expectations. Banc of California Tops Q3 Earnings Estimates
• Positive Sentiment: Profitability and operating performance improved: Net earnings available to common stockholders rose to $73.1 million from $59.7 million, while total revenue increased 6% year over year to approximately $303.8 million. Pre-tax, pre-provision income climbed 16% to $118.4 million. Banc of California Reports Third-Quarter Results
• Positive Sentiment: Loans, deposits and capital strengthened: Loans held for investment increased by $379.7 million to $24.6 billion, deposits rose to $28.3 billion, and the CET1 capital ratio improved to 9.70%. These trends support loan growth and financial stability. Banc of California Advances Earnings
• Neutral Sentiment: Private-banking expansion: The company launched a private-banking arm aimed at attracting wealthy Los Angeles-area clients. The initiative could create longer-term fee and deposit opportunities, but near-term financial benefits remain uncertain. Banc of California Launches Private Banking Arm
• Negative Sentiment: Revenue narrowly missed some estimates: Reported revenue of roughly $303 million was below the approximately $306 million consensus cited by MarketBeat, limiting the upside from the earnings beat. Banc of California Posts Q3 Sales

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BANC shares. Wells Fargo & Company cut their target price on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. Citigroup decreased their price target on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Piper Sandler lowered their price objective on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. Finally, Barclays upped their price objective on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, October 5th. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $22.50.

Banc of California Stock Performance

The company has a 50 day moving average of $18.05 and a 200-day moving average of $18.98.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 27th. The bank reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. The business had revenue of $303.07 million for the quarter, compared to the consensus estimate of $306.27 million. During the same quarter in the previous year, the firm earned $0.38 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, analysts predict that Banc of California, Inc. will post 1.72 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Tuesday, September 15th.

Insider Activity

In other news, General Counsel Ido Dotan sold 10,541 shares of Banc of California stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the completion of the transaction, the general counsel directly owned 45,702 shares of the company’s stock, valued at approximately $836,346.60. The trade was a 18.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Olivia Lindsay sold 6,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the sale, the insider directly owned 32,842 shares of the company’s stock, valued at approximately $640,419. This represents a 15.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.78% of the company’s stock.

Hedge Funds Weigh In On Banc of California

A number of large investors have recently bought and sold shares of BANC. Western Wealth Management LLC acquired a new position in Banc of California in the first quarter valued at approximately $29,000. Orion Capital Management LLC bought a new position in shares of Banc of California during the second quarter valued at approximately $37,000. Nykredit A S acquired a new stake in shares of Banc of California during the 2nd quarter worth approximately $61,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Banc of California during the 2nd quarter worth approximately $70,000. Finally, Danske Bank A S acquired a new stake in shares of Banc of California during the 2nd quarter worth approximately $86,000. Institutional investors own 86.88% of the company’s stock.

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.