FY2019 EPS Estimates for Banc of California Inc (BANC) Raised by Analyst

Banc of California Inc (NYSE:BANC) – Equities researchers at FIG Partners lifted their FY2019 earnings per share estimates for shares of Banc of California in a research note issued to investors on Wednesday. FIG Partners analyst T. Coffey now anticipates that the bank will post earnings per share of $1.34 for the year, up from their previous estimate of $1.21.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. The firm had revenue of $93.40 million during the quarter, compared to analysts’ expectations of $84.24 million. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. During the same period in the prior year, the firm earned $0.59 EPS.

A number of other brokerages have also recently issued reports on BANC. BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research report on Sunday. Zacks Investment Research raised Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. Piper Jaffray Companies began coverage on Banc of California in a research note on Thursday, December 21st. They set an “overweight” rating and a $26.00 price objective for the company. Finally, FBR & Co reaffirmed a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Banc of California presently has an average rating of “Buy” and a consensus price target of $23.50.

Shares of Banc of California (BANC) traded up $0.15 during midday trading on Thursday, hitting $20.70. The company had a trading volume of 458,400 shares, compared to its average volume of 827,687. The firm has a market cap of $1,040.00, a PE ratio of 19.53, a PEG ratio of 1.49 and a beta of 0.97. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.21. Banc of California has a 1 year low of $14.40 and a 1 year high of $23.40.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, December 14th. Banc of California’s dividend payout ratio is presently 49.06%.

A number of institutional investors and hedge funds have recently bought and sold shares of BANC. Channing Capital Management LLC purchased a new stake in Banc of California during the 3rd quarter valued at approximately $48,607,000. Maltese Capital Management LLC raised its stake in Banc of California by 171.4% during the 3rd quarter. Maltese Capital Management LLC now owns 760,000 shares of the bank’s stock valued at $15,770,000 after acquiring an additional 480,000 shares during the last quarter. Balyasny Asset Management LLC purchased a new stake in Banc of California during the 2nd quarter valued at approximately $8,750,000. State Street Corp raised its stake in Banc of California by 13.5% during the 2nd quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock valued at $71,920,000 after acquiring an additional 397,611 shares during the last quarter. Finally, Royal Bank of Canada raised its stake in shares of Banc of California by 991.4% during the 2nd quarter. Royal Bank of Canada now owns 432,541 shares of the bank’s stock worth $9,301,000 after buying an additional 392,911 shares in the last quarter.

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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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