Banc of California Inc (NYSE:BANC) – Equities researchers at Piper Jaffray Companies reduced their Q2 2019 earnings per share estimates for shares of Banc of California in a research note issued on Tuesday, February 5th. Piper Jaffray Companies analyst M. Clark now expects that the bank will earn $0.19 per share for the quarter, down from their prior forecast of $0.26. Piper Jaffray Companies also issued estimates for Banc of California’s Q3 2019 earnings at $0.22 EPS, FY2019 earnings at $0.95 EPS, Q3 2020 earnings at $0.37 EPS, Q4 2020 earnings at $0.41 EPS and FY2020 earnings at $1.35 EPS.
Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, January 24th. The bank reported $0.05 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.18). Banc of California had a return on equity of 6.62% and a net margin of 10.18%. The company had revenue of $73.50 million for the quarter, compared to analyst estimates of $76.00 million. During the same period last year, the company posted $0.12 EPS. The business’s revenue for the quarter was down 7.8% on a year-over-year basis.
Several other equities analysts have also commented on BANC. Zacks Investment Research lowered shares of Banc of California from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 29th. ValuEngine lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, December 18th. B. Riley set a $14.00 price target on shares of Banc of California and gave the stock a “hold” rating in a research report on Friday, January 25th. Finally, Raymond James dropped their price target on shares of Banc of California from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Monday, November 12th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $19.60.
Shares of BANC stock opened at $14.78 on Wednesday. Banc of California has a one year low of $12.22 and a one year high of $21.33. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.37. The company has a market cap of $753.70 million, a P/E ratio of 30.16, a P/E/G ratio of 1.17 and a beta of 1.20.
In other Banc of California news, Director Mary A. Curran acquired 2,000 shares of the company’s stock in a transaction dated Thursday, December 6th. The stock was bought at an average price of $15.61 per share, with a total value of $31,220.00. Following the completion of the transaction, the director now directly owns 11,736 shares of the company’s stock, valued at $183,198.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 18.08% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in BANC. William Blair Investment Management LLC acquired a new stake in shares of Banc of California in the third quarter worth $10,992,000. Dimensional Fund Advisors LP increased its position in shares of Banc of California by 14.3% in the third quarter. Dimensional Fund Advisors LP now owns 2,794,691 shares of the bank’s stock worth $52,819,000 after acquiring an additional 348,814 shares in the last quarter. BlackRock Inc. increased its position in shares of Banc of California by 3.9% in the third quarter. BlackRock Inc. now owns 6,237,726 shares of the bank’s stock worth $117,893,000 after acquiring an additional 233,796 shares in the last quarter. Peregrine Capital Management LLC increased its position in shares of Banc of California by 49.8% in the fourth quarter. Peregrine Capital Management LLC now owns 512,179 shares of the bank’s stock worth $6,817,000 after acquiring an additional 170,374 shares in the last quarter. Finally, EJF Capital LLC increased its position in shares of Banc of California by 6.6% in the third quarter. EJF Capital LLC now owns 1,047,039 shares of the bank’s stock worth $19,789,000 after acquiring an additional 64,527 shares in the last quarter.
Banc of California Company Profile
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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