Banc of California (NYSE:BANC) Posts Earnings Results, Beats Estimates By $0.05 EPS

Banc of California (NYSE:BANC) issued its quarterly 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 negative net margin of 20.75% and a positive return on equity of 2.93%.

Banc of California Price Performance

NYSE:BANC opened at $15.72 on Friday. Banc of California has a 52-week low of $11.88 and a 52-week 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. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The stock’s 50-day simple moving average is $16.17 and its 200 day simple moving average is $15.00.

Banc of California Dividend Announcement

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

Analyst Ratings Changes

A number of analysts recently commented on the company. Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. Keefe, Bruyette & Woods lifted their price target on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. DA Davidson increased their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Barclays lifted their target price on shares of Banc of California from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Finally, Stephens increased their price target on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average 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.