DA Davidson Weighs in on Banc of California Inc’s Q3 2018 Earnings (BANC)

Banc of California Inc (NYSE:BANC) – Equities researchers at DA Davidson dropped their Q3 2018 earnings estimates for Banc of California in a note issued to investors on Thursday. DA Davidson analyst G. Tenner now anticipates that the bank will earn $0.20 per share for the quarter, down from their previous estimate of $0.31. DA Davidson also issued estimates for Banc of California’s Q4 2018 earnings at $0.20 EPS.

BANC has been the topic of a number of other research reports. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a research note on Friday. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Monday, January 1st. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Piper Jaffray Companies initiated coverage on Banc of California in a research note on Thursday, December 21st. They set an “overweight” rating and a $26.00 price objective on the stock. Finally, BidaskClub downgraded Banc of California from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $23.50.

Shares of Banc of California (NYSE:BANC) opened at $20.65 on Monday. The company has a market capitalization of $1,043.57, a P/E ratio of 20.25, a P/E/G ratio of 1.45 and a beta of 0.97. Banc of California has a 12-month low of $14.80 and a 12-month high of $23.40. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 2.51.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million for the quarter, compared to analyst estimates of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. Banc of California’s revenue for the quarter was down 31.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.54 EPS.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors 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 2.52%. The ex-dividend date was Thursday, December 14th. Banc of California’s payout ratio is presently 72.22%.

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

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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.

Earnings History and Estimates for Banc of California (NYSE:BANC)

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