Banc of California Inc (NYSE:BANC) – Investment analysts at B. Riley raised their Q4 2018 earnings estimates for Banc of California in a research note issued on Thursday. B. Riley analyst S. Moss now anticipates that the bank will post earnings of $0.29 per share for the quarter, up from their previous estimate of $0.27. B. Riley has a “Neutral” rating and a $20.00 price target on the stock. B. Riley also issued estimates for Banc of California’s Q2 2019 earnings at $0.27 EPS, Q3 2019 earnings at $0.32 EPS and Q4 2019 earnings at $0.35 EPS.
Banc of California (NYSE:BANC) last announced its earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million during the quarter, compared to the consensus estimate of $84.02 million. Banc of California had a net margin of 13.28% and a return on equity of 9.93%. The firm’s revenue was down 31.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share.
A number of other brokerages also recently commented on BANC. BidaskClub upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Piper Jaffray Companies initiated coverage on shares of Banc of California in a report on Thursday, December 21st. They issued an “overweight” rating and a $26.00 target price for the company. Zacks Investment Research upgraded shares of Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a report on Monday, January 1st. Finally, FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Banc of California currently has an average rating of “Hold” and an average target price of $22.60.
Shares of Banc of California (BANC) traded up $0.17 during trading on Monday, reaching $19.82. 244,962 shares of the company’s stock were exchanged, compared to its average volume of 726,487. The company has a market capitalization of $966.29, a P/E ratio of 27.50, a PEG ratio of 1.64 and a beta of 0.95. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.96 and a quick ratio of 0.95. Banc of California has a fifty-two week low of $17.10 and a fifty-two week high of $23.40.
In other Banc of California news, insider John A. Bogler purchased 20,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were acquired at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the completion of the purchase, the insider now owns 37,500 shares of the company’s stock, valued at $723,750. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 16.89% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. FNY Partners Fund LP purchased a new stake in shares of Banc of California during the fourth quarter worth about $103,000. Massey Quick Simon & CO. LLC purchased a new stake in Banc of California in the third quarter valued at approximately $179,000. Quantbot Technologies LP boosted its position in Banc of California by 193.0% in the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after buying an additional 6,140 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Banc of California by 6,699.3% in the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after buying an additional 9,312 shares during the last quarter. Finally, Suntrust Banks Inc. purchased a new stake in Banc of California in the second quarter valued at approximately $231,000.
Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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