Banc of California (BANC) Expected to Release Earnings on Wednesday

Banc of California (NYSE:BANC) is projected to post its results after the market closes on Wednesday, July 22nd. Analysts expect the company to post earnings of $0.40 per share and revenue of $295.3170 million for the quarter.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. The company’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 EPS. On average, analysts expect Banc of California to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Banc of California Stock Performance

NYSE:BANC opened at $20.57 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The company has a market cap of $3.17 billion, a P/E ratio of 15.71 and a beta of 0.73. Banc of California has a fifty-two week low of $13.96 and a fifty-two week high of $21.61. The firm’s 50 day moving average is $19.62 and its two-hundred day moving average is $19.20.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Monday, June 15th. Banc of California’s payout ratio is 36.64%.

Analyst Upgrades and Downgrades

BANC has been the subject of several analyst reports. DA Davidson reaffirmed a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research report on Tuesday, April 28th. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Barclays dropped their target price on Banc of California from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Piper Sandler upped their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their price target on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $22.69.

Institutional Trading of Banc of California

Several institutional investors have recently added to or reduced their stakes in the business. Triumph Capital Management bought a new stake in shares of Banc of California during the 3rd quarter valued at about $25,000. Advisory Services Network LLC bought a new position in Banc of California in the third quarter worth about $36,000. Meeder Asset Management Inc. bought a new position in Banc of California in the fourth quarter worth about $44,000. Danske Bank A S bought a new position in Banc of California in the third quarter worth about $70,000. Finally, Arax Advisory Partners boosted its stake in Banc of California by 165.3% in the fourth quarter. Arax Advisory Partners now owns 3,829 shares of the bank’s stock valued at $74,000 after acquiring an additional 2,386 shares during the period. Institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.