Banc of California Inc (NYSE:BANC) – Stock analysts at Piper Jaffray Companies lifted their Q3 2019 earnings estimates for Banc of California in a research report issued on Thursday, September 12th. Piper Jaffray Companies analyst M. Clark now forecasts that the bank will post earnings of $0.23 per share for the quarter, up from their prior estimate of $0.22. Piper Jaffray Companies also issued estimates for Banc of California’s FY2019 earnings at $0.83 EPS.
Banc of California (NYSE:BANC) last announced its earnings results on Thursday, July 25th. The bank reported $0.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.05. Banc of California had a return on equity of 7.94% and a net margin of 10.28%. The business had revenue of $62.49 million for the quarter, compared to analysts’ expectations of $73.09 million. During the same period in the prior year, the business posted $0.16 earnings per share.
Several other analysts have also recently commented on BANC. Sandler O’Neill cut Banc of California from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $17.75.
Shares of BANC stock opened at $14.70 on Monday. The business’s 50 day simple moving average is $14.73 and its 200 day simple moving average is $14.41. Banc of California has a one year low of $12.22 and a one year high of $19.90. The stock has a market capitalization of $753.01 million, a PE ratio of 30.00, a PEG ratio of 1.61 and a beta of 1.34. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.19 and a quick ratio of 1.09.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Friday, September 13th. Banc of California’s payout ratio is presently 48.98%.
Hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can lifted its stake in Banc of California by 485.3% in the second quarter. Bank of Montreal Can now owns 4,413 shares of the bank’s stock valued at $62,000 after buying an additional 3,659 shares during the period. BNP Paribas Arbitrage SA lifted its stake in Banc of California by 55,825.0% in the first quarter. BNP Paribas Arbitrage SA now owns 8,948 shares of the bank’s stock valued at $124,000 after buying an additional 8,932 shares during the period. Everence Capital Management Inc. acquired a new position in Banc of California in the first quarter valued at approximately $143,000. JPMorgan Chase & Co. lifted its stake in Banc of California by 13.8% in the second quarter. JPMorgan Chase & Co. now owns 14,720 shares of the bank’s stock valued at $202,000 after buying an additional 1,786 shares during the period. Finally, Marshall Wace North America L.P. acquired a new position in Banc of California in the first quarter valued at approximately $248,000. Institutional investors and hedge funds own 98.79% of the company’s stock.
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 offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.