Banc of California Inc. (NYSE:BANC) released its earnings results on Wednesday. The company reported $0.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.17. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same quarter last year, the business earned $0.29 earnings per share.
Shares of Banc of California (NYSE:BANC) traded up 19.98% during midday trading on Wednesday, hitting $13.51. 15,277,342 shares of the stock were exchanged. The firm’s 50-day moving average is $19.05 and its 200-day moving average is $19.73. Banc of California has a 12 month low of $10.93 and a 12 month high of $23.24. The stock has a market cap of $671.78 million, a price-to-earnings ratio of 8.88 and a beta of 0.75.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date was Tuesday, September 13th. Banc of California’s payout ratio is 32.65%.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 11th. FBR & Co set a $20.00 target price on shares of Banc of California and gave the stock a “hold” rating in a research report on Tuesday. Finally, FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $21.00.
In other Banc of California news, insider Jeffrey T. Seabold sold 39,919 shares of the business’s stock in a transaction on Friday, September 30th. The shares were sold at an average price of $17.63, for a total transaction of $703,771.97. Following the completion of the sale, the insider now directly owns 241,841 shares in the company, valued at approximately $4,263,656.83. The sale was disclosed in a document filed with the SEC, which is available through this link. 6.13% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Banc of California by 66.4% in the second quarter. Vanguard Group Inc. now owns 2,843,380 shares of the company’s stock worth $51,466,000 after buying an additional 1,135,042 shares in the last quarter. BlackRock Advisors LLC raised its stake in shares of Banc of California by 96.0% in the second quarter. BlackRock Advisors LLC now owns 38,260 shares of the company’s stock worth $693,000 after buying an additional 18,744 shares in the last quarter. BlackRock Investment Management LLC raised its stake in shares of Banc of California by 8.2% in the second quarter. BlackRock Investment Management LLC now owns 212,336 shares of the company’s stock worth $3,843,000 after buying an additional 16,090 shares in the last quarter. BlackRock Inc. raised its stake in shares of Banc of California by 363.4% in the second quarter. BlackRock Inc. now owns 15,894 shares of the company’s stock worth $288,000 after buying an additional 12,464 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of Banc of California by 10.1% in the second quarter. BlackRock Fund Advisors now owns 3,112,347 shares of the company’s stock worth $56,333,000 after buying an additional 284,651 shares in the last quarter. Institutional investors and hedge funds own 87.76% of the company’s stock.
About Banc of California
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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