B. Riley Weighs in on Banc of California Inc’s Q4 2018 Earnings (BANC)

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.

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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.

Earnings History and Estimates for Banc of California (NYSE:BANC)

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