Banc of California (NYSE:BANC) Releases Earnings Results, Misses Expectations By $0.09 EPS

Banc of California (NYSE:BANC) posted its quarterly earnings results on Tuesday. The bank reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.09), Zacks reports. Banc of California had a positive return on equity of 2.27% and a negative net margin of 21.99%. The business had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. During the same period in the prior year, the business posted $0.32 earnings per share.

Banc of California Stock Performance

NYSE:BANC traded up $0.53 on Thursday, reaching $13.48. 3,085,233 shares of the company’s stock were exchanged, compared to its average volume of 2,427,358. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.54. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The business has a fifty day moving average of $13.37 and a 200-day moving average of $13.84.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a $0.10 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.97%. Banc of California’s dividend payout ratio is presently -12.01%.

Analysts Set New Price Targets

BANC has been the topic of several recent research reports. StockNews.com upgraded Banc of California to a “sell” rating in a report on Thursday, April 25th. Truist Financial boosted their price objective on Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research note on Wednesday. Piper Sandler cut their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. DA Davidson lowered their price target on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Finally, Wells Fargo & Company dropped their price objective 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 Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.69.

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.