Zacks: Brokerages Expect Banc of California, Inc. (NYSE:BANC) Will Post Earnings of $0.29 Per Share

Analysts predict that Banc of California, Inc. (NYSE:BANC) will report earnings per share (EPS) of $0.29 for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Banc of California’s earnings, with estimates ranging from $0.18 to $0.40. Banc of California posted earnings of $0.35 per share in the same quarter last year, which suggests a negative year over year growth rate of 17.1%. The business is expected to announce its next quarterly earnings results before the market opens on Tuesday, January 25th.

On average, analysts expect that Banc of California will report full year earnings of $1.32 per share for the current financial year, with EPS estimates ranging from $1.16 to $1.39. For the next fiscal year, analysts anticipate that the company will report earnings of $1.62 per share, with EPS estimates ranging from $1.46 to $1.76. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research analysts that cover Banc of California.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, October 20th. The bank reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.16. The business had revenue of $68.50 million during the quarter, compared to analysts’ expectations of $67.48 million. Banc of California had a return on equity of 11.04% and a net margin of 25.70%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 EPS.

BANC has been the subject of several recent research reports. Zacks Investment Research cut Banc of California from a “hold” rating to a “sell” rating in a research note on Tuesday. Raymond James boosted their target price on Banc of California from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Thursday, October 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $21.21.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Louisiana State Employees Retirement System lifted its stake in Banc of California by 21.3% in the fourth quarter. Louisiana State Employees Retirement System now owns 26,200 shares of the bank’s stock valued at $514,000 after buying an additional 4,600 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Banc of California by 17.3% in the fourth quarter. State of Alaska Department of Revenue now owns 38,321 shares of the bank’s stock valued at $751,000 after buying an additional 5,655 shares during the last quarter. Balyasny Asset Management LLC lifted its stake in Banc of California by 545.5% in the third quarter. Balyasny Asset Management LLC now owns 163,277 shares of the bank’s stock valued at $3,019,000 after buying an additional 137,984 shares during the last quarter. Centiva Capital LP acquired a new position in shares of Banc of California in the third quarter valued at approximately $473,000. Finally, BNP Paribas Arbitrage SA increased its holdings in shares of Banc of California by 140.6% in the third quarter. BNP Paribas Arbitrage SA now owns 49,097 shares of the bank’s stock valued at $908,000 after purchasing an additional 28,692 shares during the period. Institutional investors own 84.77% of the company’s stock.

Shares of BANC traded up $0.45 during midday trading on Friday, hitting $21.85. The company had a trading volume of 6,445 shares, compared to its average volume of 230,621. The company’s 50-day simple moving average is $20.48 and its 200-day simple moving average is $18.96. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $1.37 billion, a P/E ratio of 16.98 and a beta of 1.61. Banc of California has a 1 year low of $15.40 and a 1 year high of $22.09.

The firm also recently announced a quarterly dividend, which was paid on Monday, January 3rd. Investors of record on Wednesday, December 15th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.10%. The ex-dividend date was Tuesday, December 14th. Banc of California’s payout ratio is 19.05%.

Banc of California Company Profile

Banc of California, Inc is a holding company, which engages in the provision of commercial banking services. It offers personal banking, business and commercial banking, real estate banking, and private banking. The company was founded in March 2002 and is headquartered in Santa Ana, CA.

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