Banc of California (NYSE:BANC) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Banc of California (NYSE:BANC) posted its quarterly earnings data on Tuesday. The bank reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11, Yahoo Finance reports. The company had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter last year, the firm posted $0.30 earnings per share.

Banc of California Stock Up 0.3 %

NYSE BANC traded up $0.05 during trading on Wednesday, reaching $15.47. 620,234 shares of the company’s stock traded hands, compared to its average volume of 2,320,649. The company’s 50 day simple moving average is $14.35 and its two-hundred day simple moving average is $13.88. Banc of California has a 12-month low of $9.96 and a 12-month high of $15.69. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -4.63 and a beta of 1.14. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.59%. The ex-dividend date was Monday, September 16th. Banc of California’s payout ratio is -12.01%.

Insider Activity

In related news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 7.37% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BANC shares. Wells Fargo & Company upped their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Barclays boosted their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Truist Financial increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Stephens restated an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Finally, Keefe, Bruyette & Woods dropped their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $16.85.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.