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

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

Banc of California Stock Down 1.4 %

Banc of California stock traded down $0.20 during trading hours on Wednesday, hitting $13.75. The company had a trading volume of 1,536,922 shares, compared to its average volume of 2,448,046. The firm has a market capitalization of $2.16 billion, a P/E ratio of -4.34 and a beta of 1.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.89. The firm’s fifty day moving average is $14.49 and its 200-day moving average is $13.32. Banc of California has a fifty-two week low of $9.72 and a fifty-two week high of $16.08.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.91%. Banc of California’s dividend payout ratio is presently -12.66%.

Insider Buying and Selling at Banc of California

In other news, insider Robert G. Dyck sold 10,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now owns 24,979 shares in the company, valued at approximately $373,935.63. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 7.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on BANC shares. Barclays cut their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Wedbush cut their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday. StockNews.com initiated coverage on shares of Banc of California in a research note on Monday, January 29th. They set a “hold” rating for the company. Finally, 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 research report on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Banc of California has an average rating of “Hold” and a consensus target price of $16.79.

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.