Wall Street analysts expect Banc of California (NYSE:BANC) to report earnings per share (EPS) of $0.21 for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Banc of California’s earnings, with estimates ranging from $0.17 to $0.35. Banc of California posted earnings per share of $0.20 in the same quarter last year, which indicates a positive year-over-year growth rate of 5%. The company is expected to issue its next earnings report on Wednesday, July 25th.
On average, analysts expect that Banc of California will report full year earnings of $0.66 per share for the current financial year, with EPS estimates ranging from $0.55 to $0.98. For the next fiscal year, analysts anticipate that the business will report earnings of $1.11 per share, with EPS estimates ranging from $0.96 to $1.35. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow Banc of California.
Banc of California (NYSE:BANC) last announced its quarterly earnings results on Friday, April 27th. The bank reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.11. Banc of California had a net margin of 11.46% and a return on equity of 8.37%. The firm had revenue of $80.02 million during the quarter, compared to analysts’ expectations of $78.46 million. During the same period in the prior year, the company posted $0.23 EPS.
BANC has been the subject of several recent research reports. Bank of America cut shares of Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a research report on Friday, April 6th. FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. ValuEngine cut shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $25.00 price objective on shares of Banc of California in a research report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $22.00.
NYSE BANC traded up $0.35 on Tuesday, hitting $19.45. The company’s stock had a trading volume of 14,109 shares, compared to its average volume of 612,920. The company has a debt-to-equity ratio of 2.87, a quick ratio of 1.01 and a current ratio of 1.01. Banc of California has a 1-year low of $17.10 and a 1-year high of $23.40. The stock has a market cap of $948.64 million, a P/E ratio of 23.74, a price-to-earnings-growth ratio of 2.30 and a beta of 0.88.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 15th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, June 14th. Banc of California’s dividend payout ratio (DPR) is presently 63.41%.
In other news, General Counsel John C. Grosvenor sold 23,941 shares of the stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $18.78, for a total transaction of $449,611.98. Following the completion of the sale, the general counsel now directly owns 35,438 shares in the company, valued at $665,525.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 18.08% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Channing Capital Management LLC grew its holdings in Banc of California by 24.1% in the fourth quarter. Channing Capital Management LLC now owns 2,906,672 shares of the bank’s stock worth $60,023,000 after purchasing an additional 564,190 shares during the period. Victory Capital Management Inc. grew its holdings in Banc of California by 56.3% in the first quarter. Victory Capital Management Inc. now owns 2,404,347 shares of the bank’s stock worth $46,404,000 after purchasing an additional 865,745 shares during the period. Maltese Capital Management LLC grew its holdings in Banc of California by 13.2% in the fourth quarter. Maltese Capital Management LLC now owns 860,141 shares of the bank’s stock worth $17,762,000 after purchasing an additional 100,141 shares during the period. Penn Capital Management Co. Inc. grew its holdings in Banc of California by 11.6% in the fourth quarter. Penn Capital Management Co. Inc. now owns 741,864 shares of the bank’s stock worth $15,339,000 after purchasing an additional 77,231 shares during the period. Finally, Forest Hill Capital LLC grew its holdings in Banc of California by 5.5% in the fourth quarter. Forest Hill Capital LLC now owns 670,673 shares of the bank’s stock worth $13,849,000 after purchasing an additional 35,000 shares during the period.
Banc of California Company Profile
Banc of California, Inc operates as a bank holding company, which engages in the provision of retail deposits from the general public and invests in commercial, consumer, and real estate secured loans. It operates through the following segments: Commercial Banking, Mortgage Banking, and Corporate and Others.
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