$84.13 Million in Sales Expected for Banc of California, Inc. (BANC) This Quarter
Wall Street analysts forecast that Banc of California, Inc. (NYSE:BANC) will post sales of $84.13 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Banc of California’s earnings, with the lowest sales estimate coming in at $80.40 million and the highest estimate coming in at $88.21 million. Banc of California posted sales of $166.75 million during the same quarter last year, which suggests a negative year over year growth rate of 49.5%. The business is expected to announce its next earnings report on Monday, January 29th.
According to Zacks, analysts expect that Banc of California will report full year sales of $84.13 million for the current financial year, with estimates ranging from $340.90 million to $397.80 million. For the next financial year, analysts anticipate that the business will report sales of $352.51 million per share, with estimates ranging from $334.50 million to $378.28 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Banc of California.
Banc of California (NYSE:BANC) last released its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.04. The firm had revenue of $93.40 million during the quarter, compared to analyst estimates of $84.24 million. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. During the same quarter last year, the business earned $0.59 EPS.
In other Banc of California news, CEO Douglas H. Bowers bought 57,000 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was acquired at an average price of $17.56 per share, with a total value of $1,000,920.00. Following the completion of the acquisition, the chief executive officer now directly owns 92,000 shares of the company’s stock, valued at $1,615,520. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 30,000 shares of company stock valued at $14,000 in the last ninety days. Insiders own 16.89% of the company’s stock.
Several hedge funds have recently made changes to their positions in BANC. Public Employees Retirement System of Ohio lifted its position in shares of Banc of California by 18.4% during the third quarter. Public Employees Retirement System of Ohio now owns 111,133 shares of the bank’s stock worth $2,306,000 after purchasing an additional 17,241 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Banc of California by 4.9% during the third quarter. California Public Employees Retirement System now owns 65,267 shares of the bank’s stock worth $1,354,000 after buying an additional 3,067 shares during the period. Continental Advisors LLC increased its stake in shares of Banc of California by 7.0% during the third quarter. Continental Advisors LLC now owns 184,500 shares of the bank’s stock worth $3,828,000 after buying an additional 12,000 shares during the period. Second Curve Capital LLC purchased a new stake in shares of Banc of California during the third quarter worth approximately $726,000. Finally, Maltese Capital Management LLC increased its stake in shares of Banc of California by 171.4% during the third quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock worth $15,770,000 after buying an additional 480,000 shares during the period.
Shares of Banc of California (NYSE BANC) traded up $0.25 during trading on Tuesday, hitting $22.55. 635,800 shares of the stock were exchanged, compared to its average volume of 1,097,678. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.91 and a current ratio of 0.91. Banc of California has a 52-week low of $14.40 and a 52-week high of $23.40. The stock has a market cap of $1,126.95, a P/E ratio of 17.70, a P/E/G ratio of 2.05 and a beta of 0.97.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Thursday, December 14th. Banc of California’s payout ratio is 45.61%.
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About Banc of California
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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