Analysts predict that Banc of California Inc (NYSE:BANC) will announce sales of $65.38 million for the current quarter, according to Zacks. Four analysts have made estimates for Banc of California’s earnings. The lowest sales estimate is $62.71 million and the highest is $68.80 million. Banc of California posted sales of $73.13 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 10.6%. The firm is expected to issue its next quarterly earnings results on Thursday, January 23rd.
According to Zacks, analysts expect that Banc of California will report full-year sales of $271.65 million for the current financial year, with estimates ranging from $261.40 million to $282.70 million. For the next financial year, analysts anticipate that the company will post sales of $268.44 million, with estimates ranging from $253.65 million to $280.90 million. Zacks’ sales averages are an average based on a survey of research firms that cover Banc of California.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.68). The business had revenue of $62.10 million during the quarter, compared to the consensus estimate of $69.70 million. Banc of California had a return on equity of 7.67% and a net margin of 4.79%. The company’s revenue for the quarter was down 19.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 earnings per share.
A number of equities analysts have recently commented on the company. ValuEngine lowered Banc of California from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a research note on Tuesday, October 15th. Raymond James lowered Banc of California from an “outperform” rating to a “market perform” rating in a research note on Monday, September 16th. Finally, Sandler O’Neill lowered Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Six equities research analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and a consensus target price of $15.50.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in Banc of California by 1.2% in the second quarter. BlackRock Inc. now owns 6,687,276 shares of the bank’s stock valued at $93,420,000 after buying an additional 80,966 shares during the period. Vanguard Group Inc. increased its stake in Banc of California by 1.0% in the second quarter. Vanguard Group Inc. now owns 2,939,206 shares of the bank’s stock valued at $41,061,000 after purchasing an additional 29,563 shares in the last quarter. Investment Counselors of Maryland LLC increased its stake in Banc of California by 6.8% in the second quarter. Investment Counselors of Maryland LLC now owns 1,460,567 shares of the bank’s stock valued at $20,404,000 after purchasing an additional 93,388 shares in the last quarter. William Blair Investment Management LLC increased its stake in Banc of California by 15.0% in the second quarter. William Blair Investment Management LLC now owns 806,573 shares of the bank’s stock valued at $11,268,000 after purchasing an additional 105,327 shares in the last quarter. Finally, United Services Automobile Association increased its stake in Banc of California by 5.9% in the second quarter. United Services Automobile Association now owns 694,771 shares of the bank’s stock valued at $9,706,000 after purchasing an additional 38,408 shares in the last quarter. Hedge funds and other institutional investors own 99.29% of the company’s stock.
Shares of Banc of California stock traded down $0.01 during trading on Wednesday, reaching $15.35. The company’s stock had a trading volume of 281,300 shares, compared to its average volume of 374,168. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.17 and a current ratio of 1.17. The business’s fifty day moving average price is $14.60 and its 200-day moving average price is $14.29. The firm has a market cap of $781.56 million, a price-to-earnings ratio of 31.33, a price-to-earnings-growth ratio of 1.96 and a beta of 1.38. Banc of California has a one year low of $12.22 and a one year high of $17.66.
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 18th will be paid a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.24 annualized dividend and a yield of 1.56%. Banc of California’s dividend payout ratio is 48.98%.
About Banc of California
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.
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