Banc of California (NYSE:BANC) Posts Earnings Results, Beats Expectations By $0.17 EPS

Banc of California (NYSE:BANC) posted its quarterly earnings results on Wednesday. The bank reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.17, MarketWatch Earnings reports. Banc of California had a net margin of 1.62% and a return on equity of 3.88%.

Shares of BANC opened at $17.90 on Friday. The firm has a market cap of $899.30 million, a PE ratio of -94.21, a PEG ratio of 2.16 and a beta of 1.85. The firm’s 50 day moving average price is $15.63 and its 200 day moving average price is $12.52. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.96 and a current ratio of 0.97. Banc of California has a twelve month low of $6.44 and a twelve month high of $19.38.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 4th. Investors of record on Tuesday, December 15th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend was Monday, December 14th. Banc of California’s payout ratio is presently 30.38%.

A number of research firms have recently issued reports on BANC. Zacks Investment Research raised shares of Banc of California from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Tuesday, October 27th. B. Riley raised their price objective on shares of Banc of California from $13.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 7th. Finally, Piper Sandler raised their price objective on shares of Banc of California from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, January 8th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $15.10.

In related news, CEO Jared M. Wolff purchased 10,000 shares of the stock in a transaction on Thursday, October 29th. The shares were bought at an average price of $11.50 per share, for a total transaction of $115,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 168,475 shares in the company, valued at approximately $1,937,462.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mary A. Curran purchased 4,200 shares of the stock in a transaction on Monday, November 2nd. The shares were bought at an average price of $12.13 per share, for a total transaction of $50,946.00. Following the acquisition, the director now owns 9,161 shares of the company’s stock, valued at $111,122.93. The disclosure for this purchase can be found here. Company insiders own 10.87% 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-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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Earnings History for Banc of California (NYSE:BANC)

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