Banc of California Inc (NYSE:BANC) – Stock analysts at B. Riley upped their Q4 2018 earnings estimates for shares of Banc of California in a research report issued to clients and investors on Thursday. B. Riley analyst S. Moss now anticipates that the bank will earn $0.29 per share for the quarter, up from their previous estimate of $0.27. B. Riley currently has a “Neutral” rating and a $20.00 price target on the stock. B. Riley also issued estimates for Banc of California’s Q2 2019 earnings at $0.27 EPS, Q3 2019 earnings at $0.32 EPS and Q4 2019 earnings at $0.35 EPS.
Other equities analysts have also recently issued reports about the company. Piper Jaffray Companies reissued a “buy” rating and set a $25.00 target price on shares of Banc of California in a research note on Thursday. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. FBR & Co reissued a “buy” rating and set a $24.00 target price on shares of Banc of California in a research note on Thursday, October 26th. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Monday, January 1st. Finally, BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $22.60.
Banc of California (NYSE:BANC) last posted its earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 in the previous year, the firm earned $0.54 earnings per share. The business’s revenue was down 31.7% compared to the same quarter last year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stieven Capital Advisors L.P. boosted its position in shares of Banc of California by 9.6% during the third quarter. Stieven Capital Advisors L.P. now owns 298,900 shares of the bank’s stock valued at $6,202,000 after purchasing an additional 26,200 shares in the last quarter. Channing Capital Management LLC bought a new stake in Banc of California in the third quarter worth $48,607,000. Wells Fargo & Company MN boosted its holdings in Banc of California by 66.1% in the third quarter. Wells Fargo & Company MN now owns 267,619 shares of the bank’s stock worth $5,553,000 after acquiring an additional 106,509 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in Banc of California in the third quarter worth $7,989,000. Finally, IndexIQ Advisors LLC boosted its holdings in Banc of California by 83.1% in the third quarter. IndexIQ Advisors LLC now owns 41,871 shares of the bank’s stock worth $869,000 after acquiring an additional 19,000 shares in the last quarter.
In other news, insider John A. Bogler purchased 20,000 shares of the company’s 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 completion of the transaction, the insider now directly owns 37,500 shares of the company’s stock, valued at approximately $723,750. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 16.89% of the company’s stock.
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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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