Banc of California (NYSE:BANC) Stock Crosses Above 50 Day Moving Average – What’s Next?

Banc of California, Inc. (NYSE:BANC) shares crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $18.05 and traded as high as $18.32. Banc of California shares last traded at $18.2620, with a volume of 3,191,329 shares traded.

Key Headlines Impacting Banc of California

Here are the key news stories impacting Banc of California this week:

• Positive Sentiment: Q3 earnings exceeded expectations: Banc of California reported diluted earnings per share of $0.46, up 21% from $0.38 a year earlier and ahead of the $0.45 Zacks consensus estimate. Some market data feeds reported adjusted EPS of $0.55, also above expectations. Banc of California Tops Q3 Earnings Estimates
• Positive Sentiment: Profitability and operating performance improved: Net earnings available to common stockholders rose to $73.1 million from $59.7 million, while total revenue increased 6% year over year to approximately $303.8 million. Pre-tax, pre-provision income climbed 16% to $118.4 million. Banc of California Reports Third-Quarter Results
• Positive Sentiment: Loans, deposits and capital strengthened: Loans held for investment increased by $379.7 million to $24.6 billion, deposits rose to $28.3 billion, and the CET1 capital ratio improved to 9.70%. These trends support loan growth and financial stability. Banc of California Advances Earnings
• Neutral Sentiment: Private-banking expansion: The company launched a private-banking arm aimed at attracting wealthy Los Angeles-area clients. The initiative could create longer-term fee and deposit opportunities, but near-term financial benefits remain uncertain. Banc of California Launches Private Banking Arm
• Negative Sentiment: Revenue narrowly missed some estimates: Reported revenue of roughly $303 million was below the approximately $306 million consensus cited by MarketBeat, limiting the upside from the earnings beat. Banc of California Posts Q3 Sales

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Wall Street Zen upgraded Banc of California from a “strong sell” rating to a “sell” rating in a research note on Sunday, September 27th. Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. UBS Group initiated coverage on shares of Banc of California in a research report on Monday, September 14th. They set a “neutral” rating and a $20.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Banc of California currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Banc of California Stock Up 1.5%

The firm’s 50-day simple moving average is $18.05 and its 200 day simple moving average is $18.98.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 27th. The bank reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $303.07 million for the quarter, compared to the consensus estimate of $306.27 million. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the firm posted $0.38 EPS. On average, sell-side analysts forecast that Banc of California, Inc. will post 1.72 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 15th.

Insider Buying and Selling

In other Banc of California news, insider Olivia I. Lindsay sold 6,000 shares of Banc of California stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the sale, the insider owned 32,842 shares of the company’s stock, valued at $640,419. The trade was a 15.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Ido Dotan sold 10,541 shares of Banc of California stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the sale, the general counsel directly owned 45,702 shares in the company, valued at $836,346.60. The trade was a 18.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.78% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Yousif Capital Management LLC raised its stake in shares of Banc of California by 10.5% during the third quarter. Yousif Capital Management LLC now owns 39,963 shares of the bank’s stock valued at $689,000 after purchasing an additional 3,804 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in Banc of California by 13.9% in the third quarter. Pinnacle Associates Ltd. now owns 15,732 shares of the bank’s stock worth $271,000 after purchasing an additional 1,914 shares during the period. Engineers Gate Manager LP lifted its holdings in Banc of California by 8.8% in the second quarter. Engineers Gate Manager LP now owns 232,431 shares of the bank’s stock worth $4,749,000 after purchasing an additional 18,862 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Banc of California in the second quarter worth about $70,000. Finally, Squarepoint Ops LLC grew its position in Banc of California by 417.1% in the 2nd quarter. Squarepoint Ops LLC now owns 323,256 shares of the bank’s stock valued at $6,604,000 after buying an additional 260,741 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

About Banc of California

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.