Banc of California (BANC) Expected to Release Earnings on Wednesday

Banc of California (NYSE:BANC) is expected to be issuing its results after the market closes on Wednesday, July 22nd. Analysts expect the company to announce earnings of $0.40 per share and revenue of $295.3170 million for the quarter.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The company’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 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 Price Performance

Banc of California stock opened at $20.82 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $3.21 billion, a PE ratio of 15.90 and a beta of 0.73. Banc of California has a one year low of $13.96 and a one year high of $21.61. The business has a 50 day simple moving average of $19.77 and a 200 day simple moving average of $19.24.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date was Monday, June 15th. Banc of California’s dividend payout ratio is currently 36.64%.

Institutional Trading of Banc of California

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in Banc of California by 9.4% during the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock valued at $1,050,000 after purchasing an additional 6,364 shares during the period. AQR Capital Management LLC grew its position in shares of Banc of California by 209.4% during the 1st quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock worth $1,462,000 after buying an additional 69,739 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Banc of California by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock worth $1,173,000 after buying an additional 3,611 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Banc of California by 8.5% during the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after buying an additional 297,680 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Banc of California by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after buying an additional 4,263 shares during the last quarter. 86.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

BANC has been the topic of several recent analyst reports. Barclays reduced their target price on shares of Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. DA Davidson reiterated a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price target on shares of Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Piper Sandler upped 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 note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $22.69.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.