Banc of California (NYSE:BANC) Shares Gap Up After Better-Than-Expected Earnings

by · The Markets Daily

Banc of California, Inc. (NYSE:BANC – Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $14.80, but opened at $15.26. Banc of California shares last traded at $15.15, with a volume of 222,600 shares trading hands.

The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same period in the previous year, the firm posted $0.30 earnings per share.

Banc of California Dividend Announcement

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

Analyst Ratings Changes

Several research firms have commented on BANC. Wedbush upped their price objective on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday. Citigroup assumed coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Raymond James increased their target price 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. Finally, DA Davidson lifted their price target on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Banc of California presently has an average rating of “Hold” and a consensus price target of $17.00.

Check Out Our Latest Stock Analysis on BANC

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 7.37% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BANC. Riverview Trust Co purchased a new stake in shares of Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the first quarter worth about $30,000. Fifth Third Bancorp grew its stake in Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after acquiring an additional 1,273 shares in the last quarter. GAMMA Investing LLC raised its holdings in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after acquiring an additional 734 shares during the last quarter. Finally, Mendon Capital Advisors Corp purchased a new position in Banc of California in the 2nd quarter worth approximately $102,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Trading Down 0.8 %

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 company has a fifty day moving average price of $14.40 and a two-hundred day moving average price of $13.89. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of -4.59 and a beta of 1.14.

About Banc of California

(Get Free Report)

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.

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