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.
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.
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