Banc of California, Inc. (BANC) Issues Earnings Results
Banc of California, Inc. (NYSE:BANC) issued its quarterly earnings data on Thursday. The bank reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04, MarketWatch Earnings reports. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. The firm had revenue of $93.40 million for the quarter, compared to analyst estimates of $84.24 million. During the same quarter in the prior year, the firm earned $0.59 EPS.
Shares of Banc of California (NYSE BANC) traded up 1.88% during midday trading on Friday, reaching $21.70. 1,031,773 shares of the company’s stock were exchanged. The stock has a market cap of $1.04 billion, a PE ratio of 14.52 and a beta of 0.99. The company’s 50 day moving average is $19.87 and its 200-day moving average is $20.44. Banc of California has a 12 month low of $12.25 and a 12 month high of $23.25.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date was Thursday, September 14th. Banc of California’s dividend payout ratio is currently 34.67%.
BANC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods set a $22.00 price objective on shares of Banc of California and gave the stock a “hold” rating in a report on Thursday, July 6th. Zacks Investment Research raised shares of Banc of California from a “strong sell” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Tuesday, July 11th. ValuEngine lowered shares of Banc of California from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Finally, BidaskClub lowered shares of Banc of California from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Banc of California presently has a consensus rating of “Hold” and a consensus target price of $22.67.
In other Banc of California news, CEO Douglas H. Bowers bought 57,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The shares were purchased at an average price of $17.56 per share, for a total transaction of $1,000,920.00. Following the completion of the transaction, the chief executive officer now directly owns 92,000 shares in the company, valued at approximately $1,615,520. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 16.89% of the company’s stock.
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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