Banc of California (NYSE:BANC) – B. Riley issued their Q1 2018 earnings per share (EPS) estimates for Banc of California in a research note issued on Thursday, April 12th. B. Riley analyst S. Moss expects that the bank will earn ($0.11) per share for the quarter. B. Riley currently has a “Neutral” rating and a $20.00 target price on the stock. B. Riley also issued estimates for Banc of California’s FY2018 earnings at $0.57 EPS.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.07. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The firm had revenue of $78.87 million during the quarter, compared to the consensus estimate of $84.02 million. During the same period last year, the company earned $0.54 earnings per share. The company’s revenue for the quarter was down 31.7% on a year-over-year basis.
Several other equities research analysts also recently weighed in on BANC. Piper Jaffray reaffirmed a “buy” rating and set a $25.00 price target on shares of Banc of California in a report on Thursday, February 8th. Zacks Investment Research raised Banc of California from a “sell” rating to a “hold” rating in a report on Tuesday, March 27th. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Finally, Bank of America downgraded Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 price target for the company. in a report on Friday, April 6th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Banc of California presently has a consensus rating of “Hold” and a consensus price target of $22.00.
Shares of NYSE BANC opened at $18.25 on Monday. 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 1-year low of $17.10 and a 1-year high of $23.40. The firm has a market cap of $934.73, a P/E ratio of 22.26, a P/E/G ratio of 2.51 and a beta of 0.88.
A number of institutional investors have recently added to or reduced their stakes in the business. California Public Employees Retirement System lifted its holdings in Banc of California by 4.9% in the third quarter. California Public Employees Retirement System now owns 65,267 shares of the bank’s stock valued at $1,354,000 after acquiring an additional 3,067 shares during the period. Russell Investments Group Ltd. lifted its holdings in Banc of California by 3.2% in the third quarter. Russell Investments Group Ltd. now owns 106,196 shares of the bank’s stock valued at $2,204,000 after acquiring an additional 3,324 shares during the period. HBK Investments L P lifted its holdings in Banc of California by 3.2% in the fourth quarter. HBK Investments L P now owns 121,100 shares of the bank’s stock valued at $2,501,000 after acquiring an additional 3,700 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in Banc of California by 2.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 182,827 shares of the bank’s stock valued at $3,776,000 after acquiring an additional 3,936 shares during the period. Finally, FNY Partners Fund LP acquired a new stake in Banc of California in the fourth quarter valued at $103,000.
In other Banc of California news, insider John A. Bogler bought 20,000 shares of Banc of California stock in a transaction on Thursday, February 1st. The stock was bought at an average price of $19.30 per share, with a total value of $386,000.00. Following the completion of the acquisition, the insider now owns 37,500 shares in the company, valued at $723,750. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 16.89% of the stock is currently owned by company insiders.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Wednesday, March 14th. Banc of California’s dividend payout ratio (DPR) is currently 63.41%.
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Banc of California Company Profile
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's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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