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

Banc of California Inc (NYSE:BANC) – B. Riley reduced their FY2019 earnings estimates for shares of Banc of California in a note issued to investors on Thursday. B. Riley analyst S. Moss now forecasts that the bank will earn $1.20 per share for the year, down from their prior forecast of $1.25. B. Riley currently has a “Neutral” rating and a $20.00 target price on the stock.

A number of other research analysts also recently commented on the company. Piper Jaffray Companies restated a “buy” rating and set a $25.00 price objective on shares of Banc of California in a research note on Thursday. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research lowered Banc of California from a “strong-buy” rating to a “sell” rating in a research report on Tuesday, January 30th. FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Finally, BidaskClub lowered Banc of California from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Banc of California currently has an average rating of “Hold” and a consensus target price of $22.60.

Shares of Banc of California (NYSE:BANC) traded down $0.25 on Friday, reaching $19.10. The company had a trading volume of 1,214,486 shares, compared to its average volume of 734,557. The company has a market cap of $981.47, a P/E ratio of 26.53, a P/E/G ratio of 1.66 and a beta of 0.95. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96. Banc of California has a 52-week low of $17.10 and a 52-week high of $23.40.

Banc of California (NYSE:BANC) last issued its quarterly earnings data 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 firm had revenue of $78.87 million during the quarter, compared to the consensus estimate of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The firm’s revenue was down 31.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 EPS.

In other Banc of California news, insider John A. Bogler purchased 20,000 shares of Banc of California stock in a transaction on Thursday, February 1st. The stock was bought at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the transaction, the insider now owns 37,500 shares of the company’s stock, valued at approximately $723,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 16.89% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. State Street Corp lifted its holdings in shares of Banc of California by 13.5% in the second quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock valued at $71,920,000 after buying an additional 397,611 shares during the period. Channing Capital Management LLC acquired a new stake in shares of Banc of California in the third quarter valued at $48,607,000. Victory Capital Management Inc. lifted its holdings in shares of Banc of California by 2.2% in the fourth quarter. Victory Capital Management Inc. now owns 1,538,602 shares of the bank’s stock valued at $31,773,000 after buying an additional 33,092 shares during the period. EJF Capital LLC lifted its holdings in shares of Banc of California by 19.5% in the third quarter. EJF Capital LLC now owns 1,225,000 shares of the bank’s stock valued at $25,419,000 after buying an additional 200,000 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Banc of California by 22.5% in the third quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock valued at $19,287,000 after buying an additional 170,632 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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