Banc of California Inc Expected to Post Q3 2018 Earnings of $0.14 Per Share (BANC)

Banc of California Inc (NYSE:BANC) – Analysts at B. Riley reduced their Q3 2018 earnings estimates for shares of Banc of California in a research note issued to investors on Tuesday, September 11th, according to Zacks Investment Research. B. Riley analyst S. Moss now forecasts that the bank will post earnings per share of $0.14 for the quarter, down from their previous estimate of $0.19. B. Riley has a “Neutral” rating and a $19.00 price target on the stock. B. Riley also issued estimates for Banc of California’s Q4 2018 earnings at $0.21 EPS, FY2018 earnings at $0.61 EPS, Q2 2019 earnings at $0.23 EPS and FY2020 earnings at $1.40 EPS.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, July 26th. The bank reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.04). The business had revenue of $80.83 million for the quarter, compared to analyst estimates of $79.67 million. Banc of California had a return on equity of 8.25% and a net margin of 11.74%. During the same period last year, the firm earned $0.20 EPS.

A number of other equities analysts also recently weighed in on the company. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Monday, July 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $21.60.

NYSE BANC traded down $0.14 during trading on Thursday, reaching $18.56. 492,273 shares of the company’s stock were exchanged, compared to its average volume of 536,704. The company has a market cap of $957.44 million, a PE ratio of 22.63, a price-to-earnings-growth ratio of 2.18 and a beta of 0.75. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.75. Banc of California has a fifty-two week low of $18.00 and a fifty-two week high of $23.40.

Several large investors have recently modified their holdings of the company. California Public Employees Retirement System boosted its stake in shares of Banc of California by 7.0% in the second quarter. California Public Employees Retirement System now owns 67,346 shares of the bank’s stock valued at $1,317,000 after buying an additional 4,415 shares during the period. Millennium Management LLC boosted its stake in shares of Banc of California by 63.1% in the second quarter. Millennium Management LLC now owns 984,317 shares of the bank’s stock valued at $19,243,000 after buying an additional 380,740 shares during the period. MetLife Investment Advisors LLC bought a new stake in shares of Banc of California in the second quarter valued at approximately $364,000. Metropolitan Life Insurance Co. NY boosted its stake in shares of Banc of California by 370.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 13,727 shares of the bank’s stock valued at $268,000 after buying an additional 10,810 shares during the period. Finally, Laurion Capital Management LP bought a new stake in shares of Banc of California in the second quarter valued at approximately $280,000.

In other news, Director W Kirk Wycoff sold 140,656 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $20.08, for a total transaction of $2,824,372.48. Following the completion of the sale, the director now owns 4,748 shares in the company, valued at $95,339.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders have sold 640,656 shares of company stock valued at $12,808,384. Corporate insiders own 18.08% of the company’s stock.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Thursday, September 13th. Banc of California’s dividend payout ratio is presently 63.41%.

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.

Further Reading: What Factors Can Affect Return on Equity?

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