Banc of California (NYSE:BANC) Issues Earnings Results, Beats Expectations By $0.11 EPS

Banc of California (NYSE:BANC) posted its quarterly earnings data on Tuesday. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11, Yahoo Finance reports. The firm had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same quarter last year, the business posted $0.30 EPS.

Banc of California Trading Up 1.0 %

Shares of NYSE:BANC traded up $0.16 during trading on Thursday, reaching $15.45. 2,569,815 shares of the stock were exchanged, compared to its average volume of 2,333,365. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. Banc of California has a 12-month low of $10.03 and a 12-month high of $15.69. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -4.61 and a beta of 1.14. The firm’s 50-day moving average price is $14.40 and its 200 day moving average price is $13.89.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Monday, September 16th. Banc of California’s payout ratio is currently -12.01%.

Analysts Set New Price Targets

A number of analysts recently commented on BANC shares. Raymond James lifted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial lifted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Stephens lifted their price objective on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday. DA Davidson lifted their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Wells Fargo & Company lifted their price target on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $17.20.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 7.37% of the company’s stock.

About Banc of California

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.