Banc of California (NYSE:BANC) Announces Quarterly Earnings Results

Banc of California (NYSE:BANC) posted its 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. The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period in the previous year, the company earned $0.37 earnings per share.

Banc of California Stock Performance

NYSE BANC opened at $14.08 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a 50-day simple moving average of $14.49 and a 200 day simple moving average of $13.32. Banc of California has a twelve month low of $9.72 and a twelve month high of $16.08.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Thursday, March 14th. Banc of California’s payout ratio is presently -12.01%.

Analysts Set New Price Targets

Several equities analysts have commented on BANC shares. Wedbush lowered their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wells Fargo & Company upped their price target on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Barclays decreased their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday. StockNews.com initiated coverage on shares of Banc of California in a report on Monday, January 29th. They set a “hold” rating for the company. Finally, Truist Financial restated a “hold” rating and set a $16.00 price target on shares of Banc of California in a report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.92.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley bought 10,000 shares of Banc of California stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $214,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.37% of the stock is owned by corporate insiders.

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.