Banc of California (BANC) Set to Announce Quarterly Earnings on Tuesday

Banc of California (NYSE:BANC) is set to post its quarterly earnings results before the market opens on Tuesday, October 22nd. Analysts expect Banc of California to post earnings of $0.11 per share for the quarter. Individual that wish to listen to the company’s earnings conference call can do so using this link.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). The firm had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same period in the prior year, the business earned $0.32 earnings per share. On average, analysts expect Banc of California to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Banc of California Stock Performance

NYSE BANC opened at $15.18 on Friday. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of -4.56 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The firm’s 50 day simple moving average is $14.28 and its 200 day simple moving average is $13.88.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.64%. Banc of California’s payout ratio is -12.01%.

Analysts Set New Price Targets

Several analysts recently weighed in on BANC shares. Barclays raised their price objective on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Stephens reiterated an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a research report on Wednesday, September 4th. Truist Financial boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Citigroup started coverage on Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. Finally, Raymond James upgraded Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Banc of California presently has an average rating of “Hold” and a consensus target price of $16.45.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.37% of the stock is owned by corporate insiders.

Banc of California Company Profile

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.