Zacks: Analysts Expect Banc of California Inc (BANC) Will Post Quarterly Sales of $79.66 Million

Wall Street brokerages expect Banc of California Inc (NYSE:BANC) to report sales of $79.66 million for the current quarter, Zacks reports. Five analysts have made estimates for Banc of California’s earnings, with the highest sales estimate coming in at $85.70 million and the lowest estimate coming in at $77.65 million. Banc of California reported sales of $95.38 million in the same quarter last year, which indicates a negative year over year growth rate of 16.5%. The company is scheduled to announce its next earnings results on Wednesday, May 2nd.

According to Zacks, analysts expect that Banc of California will report full-year sales of $79.66 million for the current fiscal year, with estimates ranging from $322.60 million to $354.90 million. For the next fiscal year, analysts expect that the company will report sales of $381.53 million per share, with estimates ranging from $350.80 million to $431.47 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Banc of California.

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

Several equities analysts recently commented on BANC shares. BidaskClub lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research report on Monday, October 23rd. Zacks Investment Research raised shares of Banc of California from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Monday, January 1st. ValuEngine lowered shares of Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. FIG Partners lowered shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. Finally, Piper Jaffray Companies started coverage on shares of Banc of California in a research report on Thursday, December 21st. They set an “overweight” rating and a $26.00 price target for the company. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $22.60.

In other Banc of California news, insider John A. Bogler acquired 20,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was bought at an average cost of $19.30 per share, for a total transaction of $386,000.00. Following the completion of the purchase, the insider now directly owns 37,500 shares in the company, valued at $723,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 16.89% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FNY Partners Fund LP purchased a new stake in Banc of California during the fourth quarter worth approximately $103,000. Massey Quick Simon & CO. LLC purchased a new stake in Banc of California during the third quarter worth approximately $179,000. Quantbot Technologies LP grew its stake in Banc of California by 193.0% during the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock worth $193,000 after buying an additional 6,140 shares during the period. JPMorgan Chase & Co. grew its stake in Banc of California by 6,699.3% during the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after buying an additional 9,312 shares during the period. Finally, Suntrust Banks Inc. purchased a new stake in Banc of California during the second quarter worth approximately $231,000.

Banc of California (NYSE BANC) opened at $19.10 on Friday. Banc of California has a 52-week low of $17.10 and a 52-week high of $23.40. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market cap of $978.94, a P/E ratio of 26.53, a P/E/G ratio of 1.65 and a beta of 0.95.

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

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