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

Banc of California (NYSE:BANC) released its quarterly earnings data on Thursday. The bank reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.03, Briefing.com reports. Banc of California had a net margin of 4.79% and a return on equity of 7.67%. The firm had revenue of $61.59 million for the quarter, compared to the consensus estimate of $65.54 million. During the same quarter in the prior year, the company posted $0.13 earnings per share.

Shares of NYSE BANC traded down $0.94 during trading on Friday, hitting $16.66. The stock had a trading volume of 13,305 shares, compared to its average volume of 233,491. Banc of California has a 12 month low of $13.10 and a 12 month high of $19.12. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market capitalization of $883.33 million, a PE ratio of -416.38, a PEG ratio of 1.94 and a beta of 1.41. The firm has a fifty day moving average of $16.88 and a two-hundred day moving average of $15.08.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 18th were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, December 17th. This represents a $0.24 annualized dividend and a yield of 1.44%. Banc of California’s payout ratio is 48.98%.

Several research analysts have weighed in on BANC shares. Wells Fargo & Co upped their price objective on shares of Banc of California from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “buy” rating and set a $19.00 price objective on the stock in a report on Monday, January 13th. B. Riley downgraded shares of Banc of California from a “neutral” rating to a “sell” rating and upped their price objective for the stock from $14.00 to $15.00 in a report on Friday. Finally, ValuEngine downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $17.75.

In other news, Director James Andrew Barker bought 10,820 shares of Banc of California stock in a transaction dated Tuesday, December 17th. The stock was purchased at an average price of $16.39 per share, for a total transaction of $177,339.80. Following the purchase, the director now directly owns 3,405 shares in the company, valued at approximately $55,807.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jared M. Wolff bought 16,500 shares of Banc of California stock in a transaction dated Tuesday, December 3rd. The stock was purchased at an average price of $15.18 per share, with a total value of $250,470.00. Following the purchase, the chief executive officer now owns 152,872 shares in the company, valued at $2,320,596.96. The disclosure for this purchase can be found here. Corporate insiders own 11.06% of the company’s stock.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.

Further Reading: Risk Tolerance

Earnings History for Banc of California (NYSE:BANC)

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