Banc of California (BANC) Expected to Post Earnings on Tuesday

Banc of California (NYSE:BANC) will likely be announcing its results before the market opens on Tuesday, October 27th. Analysts expect the company to announce earnings of $0.4502 per share and revenue of $306.27 million for the quarter.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The company had revenue of $16.41 million during the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%. Banc of California’s revenue was down 94.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. On average, analysts expect Banc of California to post $1.72 EPS for the current fiscal year and $2.14 EPS for the next fiscal year.

Banc of California Price Performance

Banc of California stock opened at $16.99 on Tuesday. The stock’s 50 day moving average is $18.25 and its 200 day moving average is $19.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The firm has a market cap of $2.69 billion, a P/E ratio of -40.45 and a beta of 0.77. Banc of California has a one year low of $16.11 and a one year high of $21.93.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.48 annualized dividend and a yield of 2.8%. Banc of California’s dividend payout ratio (DPR) is presently -114.29%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BANC shares. Barclays raised their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, October 5th. UBS Group initiated coverage on shares of Banc of California in a research note on Monday, September 14th. They issued a “neutral” rating and a $20.00 price objective on the stock. Brean Capital cut shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. increased their price objective on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Citigroup lowered their target price on shares of 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. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.50.

Insider Activity

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

About Banc of California

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 and individuals. The bank serves customers primarily through branches and digital banking channels in California and selected markets.

Its products and services include commercial and consumer lending, commercial real estate financing, residential mortgage lending, deposit accounts, treasury management, cash management and online banking.