Banc of California (NYSE:BANC) Posts Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Banc of California (NYSE:BANC) announced its quarterly earnings data on Tuesday. The bank reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.09), Zacks reports. The business had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.27% and a negative net margin of 21.99%. During the same period in the prior year, the firm earned $0.32 EPS.

Banc of California Stock Performance

NYSE:BANC opened at $12.95 on Thursday. Banc of California has a 12 month low of $9.96 and a 12 month high of $16.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The company’s 50 day moving average is $13.37 and its 200-day moving average is $13.84.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend was Friday, June 14th. Banc of California’s dividend payout ratio is -12.01%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BANC shares. Wedbush reissued a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday. Truist Financial lifted their target price on shares of Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday. Piper Sandler dropped their target price on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, May 13th. DA Davidson dropped their target price on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Finally, StockNews.com raised shares of Banc of California to a “sell” rating in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Banc of California has an average rating of “Hold” and a consensus target price of $15.69.

About Banc of California

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.