Banc of California (NYSE:BANC) Issues Earnings Results

Banc of California (NYSE:BANC - Get Free Report) posted its earnings results on Thursday. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05, Zacks reports. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%.

Banc of California Stock Performance

NYSE BANC traded down $0.35 on Thursday, reaching $15.72. The stock had a trading volume of 3,582,079 shares, compared to its average volume of 1,951,113. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a fifty day moving average of $16.18 and a two-hundred day moving average of $15.00. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08. The company has a market cap of $2.50 billion, a P/E ratio of -3.68 and a beta of 1.14.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date was Monday, December 16th. Banc of California's dividend payout ratio is -9.37%.

Analysts Set New Price Targets

Several brokerages recently issued reports on BANC. Stephens boosted their price objective on Banc of California from $15.00 to $16.00 and gave the company an "equal weight" rating in a research report on Thursday, October 24th. DA Davidson upped their price target on Banc of California from $16.50 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Raymond James upped their price objective on Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Finally, Citigroup initiated coverage on Banc of California in a research note on Thursday, October 10th. They set a "neutral" rating and a $15.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.10.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.