Banc of California (NYSE:BANC – Get Free Report) released its quarterly earnings data on Tuesday. The bank reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11, Yahoo Finance reports. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The company had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same quarter in the previous year, the company earned $0.30 earnings per share.
Banc of California Price Performance
Shares of BANC stock traded up $0.03 on Friday, reaching $15.48. 64,175 shares of the company were exchanged, compared to its average volume of 2,324,342. Banc of California has a 1 year low of $10.53 and a 1 year high of $15.69. The company has a market cap of $2.43 billion, a price-to-earnings ratio of -4.64 and a beta of 1.14. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The business has a 50-day moving average price of $14.44 and a 200 day moving average price of $13.91.
Banc of California Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.58%. Banc of California’s dividend payout ratio is currently -12.01%.
Insider Activity at Banc of California
Analyst Upgrades and Downgrades
A number of research firms have weighed in on BANC. Citigroup began coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Truist Financial lifted their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Barclays lifted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday. Wedbush lifted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Wells Fargo & Company lifted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Banc of California currently has a consensus rating of “Hold” and an average target price of $17.20.
Read Our Latest Report on BANC
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.
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