Banc of California Inc. (BANC) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS
Banc of California Inc. (NYSE:BANC) released its earnings results on Wednesday. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.17. Banc of California had a return on equity of 14.90% and a net margin of 14.65%. During the same period last year, the firm earned $0.29 earnings per share.
Shares of Banc of California (NYSE:BANC) traded up 19.98% during trading on Wednesday, reaching $13.51. The company’s stock had a trading volume of 15,276,942 shares. The company has a market capitalization of $671.78 million, a price-to-earnings ratio of 8.88 and a beta of 0.75. The firm’s 50-day moving average price is $19.05 and its 200-day moving average price is $19.73. Banc of California has a one year low of $10.93 and a one year high of $23.24.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 4.26%. The ex-dividend date was Tuesday, September 13th. Banc of California’s dividend payout ratio (DPR) is 32.65%.
In other news, insider Jeffrey T. Seabold sold 39,919 shares of Banc of California stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $17.63, for a total transaction of $703,771.97. Following the completion of the transaction, the insider now directly owns 241,841 shares in the company, valued at $4,263,656.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 6.13% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Zacks Investment Management raised its position in Banc of California by 2.3% in the second quarter. Zacks Investment Management now owns 56,104 shares of the company’s stock valued at $1,015,000 after buying an additional 1,265 shares during the last quarter. Arizona State Retirement System raised its position in Banc of California by 8.5% in the second quarter. Arizona State Retirement System now owns 25,500 shares of the company’s stock valued at $462,000 after buying an additional 2,000 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Banc of California by 12.2% in the second quarter. Thrivent Financial for Lutherans now owns 23,790 shares of the company’s stock valued at $431,000 after buying an additional 2,590 shares during the last quarter. Public Sector Pension Investment Board raised its position in Banc of California by 9.4% in the second quarter. Public Sector Pension Investment Board now owns 35,000 shares of the company’s stock valued at $634,000 after buying an additional 3,000 shares during the last quarter. Finally, BlackRock Group LTD raised its position in Banc of California by 23.0% in the second quarter. BlackRock Group LTD now owns 46,663 shares of the company’s stock valued at $844,000 after buying an additional 8,737 shares during the last quarter. Hedge funds and other institutional investors own 87.76% of the company’s stock.
Several equities analysts have recently issued reports on BANC shares. FBR & Co reaffirmed a “hold” rating on shares of Banc of California in a report on Thursday, September 22nd. Zacks Investment Research lowered Banc of California from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Finally, FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $21.00.
Banc of California Company Profile
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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