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

Banc of California, Inc. (NYSE:BANC) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. 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 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The company had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same period in the prior year, the firm posted $0.37 earnings per share.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.92%. Banc of California’s dividend payout ratio is currently -12.66%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BANC. Wedbush dropped their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday. StockNews.com assumed coverage on Banc of California in a research note on Monday, January 29th. They issued a “hold” rating on the stock. 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. Barclays started coverage on Banc of California in a research note on Friday, March 8th. They issued an “equal weight” rating and a $16.00 target price on the stock. Finally, Wells Fargo & Company raised their price objective 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. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $16.93.

Insider Transactions at Banc of California

In related news, insider Robert G. Dyck sold 10,000 shares of Banc of California stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now owns 24,979 shares in the company, valued at approximately $373,935.63. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc lifted its stake in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after purchasing an additional 1,825 shares in the last quarter. Riverview Trust Co bought a new stake in shares of Banc of California in the 1st quarter worth about $29,000. Future Financial Wealth Managment LLC bought a new stake in shares of Banc of California in the 1st quarter worth about $30,000. Lee Financial Co bought a new position in Banc of California during the 4th quarter valued at about $40,000. Finally, Longfellow Investment Management Co. LLC bought a new position in Banc of California during the 4th quarter valued at about $41,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

The company has a market capitalization of $2.15 billion, a P/E ratio of -4.41 and a beta of 1.15. The firm’s fifty day moving average is $14.49 and its 200 day moving average is $13.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90.

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.