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

Banc of California (NYSE:BANC) will be releasing its earnings data before the market opens on Tuesday, April 23rd. Analysts expect Banc of California to post earnings of $0.26 per share for the quarter. Persons that wish to listen to the company’s earnings conference call can do so using this link.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The firm had revenue of $193.06 million during the quarter, compared to the consensus estimate of $163.11 million. During the same quarter last year, the firm posted $0.45 earnings per share. On average, analysts expect Banc of California to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Banc of California Stock Up 0.4 %

BANC stock opened at $13.86 on Friday. The firm has a fifty day moving average price of $14.47 and a two-hundred day moving average price of $13.28. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. Banc of California has a 1-year low of $9.72 and a 1-year high of $16.08. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -4.39 and a beta of 1.15.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.89%. Banc of California’s payout ratio is currently -12.66%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. StockNews.com began coverage on shares of Banc of California in a research report on Monday, January 29th. They issued a “hold” rating on the stock. Wedbush increased their price objective on Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Truist Financial reaffirmed a “hold” rating and issued a $16.00 price target on shares of Banc of California in a research note on Monday, April 1st. Finally, Wells Fargo & Company raised their price objective on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Banc of California presently has an average rating of “Hold” and an average target price of $17.07.

Insider Transactions at Banc of California

In other news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the sale, the insider now directly owns 24,979 shares of the company’s stock, valued at $373,935.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Banc of California

A number of hedge funds have recently added to or reduced their stakes in BANC. Warburg Pincus LLC bought a new stake in shares of Banc of California during the 4th quarter worth about $209,411,000. Vanguard Group Inc. boosted its position in Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after purchasing an additional 5,311,842 shares during the period. Goldman Sachs Group Inc. grew its holdings in Banc of California by 148.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares during the last quarter. Northern Trust Corp raised its position in shares of Banc of California by 152.3% in the fourth quarter. Northern Trust Corp now owns 1,398,898 shares of the bank’s stock valued at $18,787,000 after purchasing an additional 844,479 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Banc of California in the fourth quarter worth $5,329,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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.