Analysts Issue Forecasts for Banc of California Inc’s Q3 2018 Earnings (BANC)

Banc of California Inc (NYSE:BANC) – Analysts at FIG Partners decreased their Q3 2018 earnings per share estimates for Banc of California in a research report issued on Friday. FIG Partners analyst T. Coffey now expects that the bank will post earnings of $0.22 per share for the quarter, down from their previous forecast of $0.24. FIG Partners currently has a “Underperform” rating on the stock. FIG Partners also issued estimates for Banc of California’s Q4 2018 earnings at $0.24 EPS, FY2018 earnings at $0.87 EPS, Q2 2019 earnings at $0.24 EPS, Q3 2019 earnings at $0.26 EPS, Q4 2019 earnings at $0.27 EPS and FY2019 earnings at $0.99 EPS.

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

Other equities research analysts have also recently issued reports about the company. FBR & Co restated a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Thursday, October 26th. B. Riley cut Banc of California from a “buy” rating to a “neutral” rating and dropped their target price for the company from $25.00 to $20.00 in a research report on Thursday, February 1st. Zacks Investment Research cut Banc of California from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 30th. Piper Jaffray Companies reiterated a “buy” rating and issued a $25.00 price objective on shares of Banc of California in a report on Thursday. Finally, ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $22.60.

Shares of Banc of California (BANC) opened at $19.10 on Monday. Banc of California has a 12-month low of $17.10 and a 12-month 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 capitalization of $957.03, a PE ratio of 30.32, a PEG ratio of 1.63 and a beta of 0.95.

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

A number of hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its holdings in Banc of California by 13.5% in the 2nd quarter. State Street Corp now owns 3,345,022 shares of the bank’s stock worth $71,920,000 after buying an additional 397,611 shares during the last quarter. Channing Capital Management LLC acquired a new stake in Banc of California in the 3rd quarter worth about $48,607,000. Victory Capital Management Inc. boosted its holdings in Banc of California by 2.2% in the 4th quarter. Victory Capital Management Inc. now owns 1,538,602 shares of the bank’s stock worth $31,773,000 after buying an additional 33,092 shares during the last quarter. EJF Capital LLC boosted its holdings in Banc of California by 19.5% in the 3rd quarter. EJF Capital LLC now owns 1,225,000 shares of the bank’s stock worth $25,419,000 after buying an additional 200,000 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Banc of California by 22.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock worth $19,287,000 after buying an additional 170,632 shares during 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.

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

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