Banc of California (NYSE:BANC) Shares Gap Down After Earnings Miss

Banc of California, Inc. (NYSE:BANC) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $13.95, but opened at $13.53. Banc of California shares last traded at $13.94, with a volume of 281,469 shares.

The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The business had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same period in the prior year, the business earned $0.37 earnings per share.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.84%. Banc of California’s dividend payout ratio is -12.66%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Truist Financial reissued a “hold” rating and issued a $16.00 target price on shares of Banc of California in a research note on Monday, April 1st. Wells Fargo & Company lifted their target price on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Barclays lowered their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday. StockNews.com assumed coverage on Banc of California in a research note on Monday, January 29th. They issued a “hold” rating for the company. Finally, Wedbush lowered their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.92.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley purchased 10,000 shares of Banc of California stock in a transaction dated Thursday, February 29th. The shares were acquired at an average cost of $21.40 per share, for a total transaction of $214,000.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $214,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 7.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its holdings in Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares in the last quarter. Riverview Trust Co bought a new position in Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC bought a new position in Banc of California during the first quarter worth about $30,000. Lee Financial Co bought a new position in Banc of California during the fourth quarter worth about $40,000. Finally, Longfellow Investment Management Co. LLC bought a new position in Banc of California during the fourth quarter worth about $41,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Trading Up 0.9 %

The company has a fifty day simple moving average of $14.49 and a two-hundred day simple moving average of $13.32. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $2.21 billion, a P/E ratio of -4.46 and a beta of 1.15.

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.