Banc of California (NYSE:BANC) Releases Earnings Results, Beats Estimates By $0.01 EPS

Banc of California (NYSE:BANC) posted its quarterly earnings results on Wednesday. The bank reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01, FiscalAI reports. The business had revenue of $275.97 million during the quarter, compared to the consensus estimate of $291.28 million. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.

Banc of California Price Performance

Banc of California stock traded down $0.20 during midday trading on Wednesday, reaching $18.36. The company’s stock had a trading volume of 4,204,533 shares, compared to its average volume of 2,939,771. Banc of California has a 52 week low of $12.98 and a 52 week high of $21.61. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $18.21 and a 200-day moving average price of $18.54. The stock has a market cap of $2.75 billion, a PE ratio of 15.56 and a beta of 0.74.

Banc of California Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th were given a $0.12 dividend. This is a boost from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Monday, March 16th. Banc of California’s dividend payout ratio (DPR) is presently 40.68%.

Analyst Upgrades and Downgrades

BANC has been the subject of a number of analyst reports. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Barclays dropped their price target on Banc of California from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods boosted their price target on Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. Finally, Wells Fargo & Company boosted their price target on Banc of California from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Banc of California presently has an average rating of “Moderate Buy” and an average price target of $20.27.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. grew its position in Banc of California by 3.1% in the fourth quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock valued at $115,938,000 after acquiring an additional 181,029 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Banc of California by 16.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,863,656 shares of the bank’s stock valued at $113,111,000 after acquiring an additional 810,254 shares during the last quarter. Goldman Sachs Group Inc. grew 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 valued at $53,879,000 after acquiring an additional 297,680 shares during the last quarter. Bank of America Corp DE grew its position in Banc of California by 243.9% in the third quarter. Bank of America Corp DE now owns 3,430,938 shares of the bank’s stock valued at $56,782,000 after acquiring an additional 2,433,394 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Banc of California by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,099,394 shares of the bank’s stock valued at $59,796,000 after acquiring an additional 32,085 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.