Banc of California (NYSE:BANC) Hits New 12-Month High After Earnings Beat

Banc of California, Inc. (NYSE:BANC - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $15.69 and last traded at $15.47, with a volume of 310183 shares traded. The stock had previously closed at $15.42.

The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same quarter last year, the business posted $0.30 earnings per share.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were given a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.62%. Banc of California's dividend payout ratio is currently -12.01%.

Analyst Ratings Changes

Several analysts have issued reports on BANC shares. Wedbush raised their price objective on shares of Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a research note on Wednesday. Raymond James raised their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday. DA Davidson raised their price objective on shares of Banc of California from $16.50 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday. Keefe, Bruyette & Woods decreased their price objective on shares of Banc of California from $18.00 to $17.00 and set an "outperform" rating for the company in a research note on Tuesday, July 9th. Finally, Wells Fargo & Company raised their price objective on shares of Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Banc of California currently has a consensus rating of "Hold" and an average price target of $17.00.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 7.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On Banc of California

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank's stock worth $161,192,000 after purchasing an additional 1,582,941 shares in the last quarter. Sei Investments Co. increased its position in shares of Banc of California by 86.0% in the 1st quarter. Sei Investments Co. now owns 506,202 shares of the bank's stock valued at $7,699,000 after acquiring an additional 234,021 shares during the period. Empowered Funds LLC increased its position in shares of Banc of California by 55.5% in the 1st quarter. Empowered Funds LLC now owns 185,329 shares of the bank's stock valued at $2,819,000 after acquiring an additional 66,183 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Banc of California by 394.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank's stock valued at $5,037,000 after acquiring an additional 264,070 shares during the period. Finally, Redwood Investment Management LLC acquired a new position in shares of Banc of California in the 1st quarter valued at $630,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Banc of California Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average of $14.35 and a 200-day moving average of $13.88. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of -4.63 and a beta of 1.14.

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.