Banc of California (NYSE:BANC) Releases Earnings Results, Misses Estimates By $0.07 EPS

Banc of California (NYSE:BANC) released its quarterly earnings results on Tuesday. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07), Briefing.com reports. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The company had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same period last year, the firm posted $0.37 earnings per share.

Banc of California Trading Down 2.0 %

Banc of California stock traded down $0.28 during midday trading on Wednesday, reaching $13.67. The stock had a trading volume of 1,269,299 shares, compared to its average volume of 2,445,357. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. The stock has a market capitalization of $2.15 billion, a PE ratio of -4.41 and a beta of 1.15. The stock’s 50-day simple moving average is $14.49 and its 200 day simple moving average is $13.32. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio is presently -12.66%.

Insider Transactions at Banc of California

In related news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the completion of the transaction, the insider now directly owns 24,979 shares of the company’s stock, valued at approximately $373,935.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BANC shares. Wells Fargo & Company boosted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. StockNews.com started coverage on shares of Banc of California in a report on Monday, January 29th. They set a “hold” rating for the company. Wedbush dropped their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday. Barclays initiated coverage on Banc of California in a research note on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price target for the company. Finally, Truist Financial reissued a “hold” rating and issued a $16.00 price objective on shares of Banc of California in a research report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Banc of California currently has an average rating of “Hold” and an average target price of $16.93.

Banc of California Company Profile

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.