Banc of California (NYSE:BANC) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Banc of California (NYSE:BANC - Get Free Report) posted its quarterly earnings data on Tuesday. The bank reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.11, Yahoo Finance reports. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The company had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same period in the prior year, the firm posted $0.30 EPS.

Banc of California Stock Down 0.8 %

Shares of NYSE:BANC traded down $0.13 during midday trading on Wednesday, hitting $15.29. 2,990,644 shares of the company's stock were exchanged, compared to its average volume of 2,329,758. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. Banc of California has a 12 month low of $9.96 and a 12 month high of $15.69. The company has a market cap of $2.40 billion, a PE ratio of -4.63 and a beta of 1.14. The stock has a 50 day moving average price of $14.35 and a 200-day moving average price of $13.88.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Monday, September 16th. Banc of California's dividend payout ratio is currently -12.01%.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business's stock in a transaction that occurred 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 directly owns 719,826 shares of the company's stock, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 7.37% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Citigroup began coverage on Banc of California in a report on Thursday, October 10th. They set a "neutral" rating and a $15.00 price target for the company. Wedbush raised their target price on Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a research note on Wednesday. Raymond James increased their price target on Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday. Barclays 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 report on Wednesday. Finally, Stephens reiterated an "equal weight" rating and set a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $17.00.

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.