Banc of California (BANC) Projected to Post Earnings on Wednesday

Banc of California (NYSE:BANC) is expected to release its results after the market closes on Wednesday, October 22nd. Analysts expect Banc of California to post earnings of $0.33 per share and revenue of $283.9050 million for the quarter.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Monday, May 13th. The bank reported $1.03 earnings per share for the quarter. The business had revenue of $315.66 million for the quarter. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. On average, analysts expect Banc of California to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Banc of California Stock Performance

NYSE:BANC opened at $16.04 on Monday. The stock has a market cap of $2.37 billion, a P/E ratio of 24.67 and a beta of 0.68. The firm’s fifty day simple moving average is $16.55 and its 200 day simple moving average is $14.85. Banc of California has a twelve month low of $11.52 and a twelve month high of $18.24. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were issued a $0.10 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.40 annualized dividend and a yield of 2.5%. Banc of California’s payout ratio is 61.54%.

Analyst Ratings Changes

BANC has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, October 8th. Barclays upped their price target on shares of Banc of California from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upgraded shares of Banc of California from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $17.00 to $20.00 in a research note on Wednesday, October 1st. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $18.00 target price (up previously from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Finally, Wells Fargo & Company boosted their target price on Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.70.

Insiders Place Their Bets

In other Banc of California news, insider Hamid Hussain sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the transaction, the insider directly owned 66,444 shares in the company, valued at $1,102,305.96. This represents a 23.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.69% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BANC. Goldman Sachs Group Inc. lifted its position in Banc of California by 8.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after buying an additional 297,680 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of Banc of California by 101.0% in the second quarter. Qube Research & Technologies Ltd now owns 1,392,277 shares of the bank’s stock valued at $19,561,000 after acquiring an additional 699,464 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Banc of California in the second quarter worth about $17,400,000. Bank of America Corp DE raised its holdings in Banc of California by 31.8% in the second quarter. Bank of America Corp DE now owns 997,544 shares of the bank’s stock worth $14,015,000 after purchasing an additional 240,921 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Banc of California by 1.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock valued at $6,270,000 after acquiring an additional 4,263 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.