Banc of California (NYSE:BANC) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Banc of California (NYSE:BANC) issued its quarterly earnings results on Thursday. The bank reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.06, MarketWatch Earnings reports. Banc of California had a net margin of 10.98% and a return on equity of 8.62%. During the same quarter in the previous year, the firm posted ($0.44) EPS.

Shares of BANC stock opened at $16.94 on Friday. The company has a market cap of $858.35 million, a P/E ratio of 56.47 and a beta of 1.83. Banc of California has a one year low of $9.00 and a one year high of $21.40. The company’s fifty day moving average price is $17.38. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.26.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 1st. Stockholders of record on Tuesday, June 15th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, June 14th. This represents a $0.24 annualized dividend and a dividend yield of 1.42%. Banc of California’s payout ratio is 60.00%.

In related news, Director Robert D. Sznewajs purchased 3,000 shares of Banc of California stock in a transaction on Monday, May 3rd. The shares were bought at an average cost of $18.09 per share, for a total transaction of $54,270.00. Following the acquisition, the director now owns 14,426 shares in the company, valued at approximately $260,966.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jared M. Wolff purchased 5,600 shares of Banc of California stock in a transaction on Tuesday, April 27th. The stock was bought at an average price of $17.75 per share, for a total transaction of $99,400.00. Following the completion of the acquisition, the chief executive officer now owns 208,275 shares in the company, valued at approximately $3,696,881.25. The disclosure for this purchase can be found here. Insiders have bought a total of 40,800 shares of company stock worth $742,494 over the last 90 days. Insiders own 9.94% of the company’s stock.

Several research analysts have recently weighed in on BANC shares. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research note on Friday. Zacks Investment Research cut shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Monday, June 28th. Finally, Stephens started coverage on shares of Banc of California in a research note on Wednesday, July 7th. They set an “equal weight” rating and a $19.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $19.94.

About Banc of California

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 offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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Earnings History for Banc of California (NYSE:BANC)

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