Banc of California (NYSE:BANC) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Banc of California (NYSE:BANC) issued its quarterly earnings data on Tuesday. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.45 by $0.10, FiscalAI reports. The firm had revenue of $303.07 million during the quarter, compared to the consensus estimate of $306.27 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%.

Banc of California Trading Up 1.5%

NYSE BANC traded up $0.27 during trading on Tuesday, hitting $18.26. The company had a trading volume of 3,143,124 shares, compared to its average volume of 2,833,344. The company’s fifty day moving average is $18.08 and its 200-day moving average is $18.99. Banc of California has a one year low of $16.12 and a one year high of $21.93. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The company has a market cap of $2.89 billion, a price-to-earnings ratio of -43.48 and a beta of 0.77.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a $0.12 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.48 annualized dividend and a yield of 2.6%. Banc of California’s dividend payout ratio is -114.29%.

Analyst Ratings Changes

Several analysts recently issued reports on BANC shares. JPMorgan Chase & Co. raised their target price on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. UBS Group assumed coverage on Banc of California in a research report on Monday, September 14th. They set a “neutral” rating and a $20.00 price target for the company. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Wall Street Zen upgraded Banc of California from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 27th. Finally, Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Insider Transactions at Banc of California

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