Analysts expect that Banc of California, Inc. (NYSE:BANC) will post earnings per share of $0.19 for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Banc of California’s earnings, with the highest EPS estimate coming in at $0.23 and the lowest estimate coming in at $0.15. Banc of California reported earnings of $0.59 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 67.8%. The firm is scheduled to issue its next earnings results on Wednesday, October 18th.
According to Zacks, analysts expect that Banc of California will report full year earnings of $0.81 per share for the current year, with EPS estimates ranging from $0.75 to $1.00. For the next fiscal year, analysts forecast that the firm will report earnings of $1.24 per share, with EPS estimates ranging from $1.07 to $1.30. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Banc of California.
Banc of California (NYSE:BANC) last released its earnings results on Wednesday, July 26th. The bank reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by $0.04. Banc of California had a net margin of 17.12% and a return on equity of 14.44%. The firm had revenue of $81.21 million during the quarter, compared to analyst estimates of $97.94 million. During the same period in the previous year, the company earned $0.46 earnings per share.
A number of research analysts have commented on the stock. BidaskClub upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Keefe, Bruyette & Woods set a $22.00 price objective on shares of Banc of California and gave the company a “hold” rating in a research note on Thursday, July 6th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research note on Saturday, June 3rd. Zacks Investment Research lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, FBR & Co dropped their price objective on shares of Banc of California from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Thursday, May 4th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $22.50.
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Banc of California (NYSE BANC) traded down 0.26% during trading on Friday, hitting $19.35. The company had a trading volume of 330,057 shares. The firm’s 50 day moving average is $20.72 and its 200-day moving average is $20.30. The stock has a market capitalization of $973.09 million, a price-to-earnings ratio of 12.97 and a beta of 0.97. Banc of California has a 52-week low of $10.93 and a 52-week high of $23.25.
Hedge funds and other institutional investors have recently modified their holdings of the company. Penn Capital Management Co. Inc. raised its position in shares of Banc of California by 19.9% in the second quarter. Penn Capital Management Co. Inc. now owns 553,478 shares of the bank’s stock worth $11,900,000 after buying an additional 91,732 shares during the period. Pinebridge Investments L.P. increased its stake in Banc of California by 149.8% in the second quarter. Pinebridge Investments L.P. now owns 73,833 shares of the bank’s stock worth $1,588,000 after buying an additional 44,282 shares in the last quarter. New York State Common Retirement Fund increased its stake in Banc of California by 24.0% in the second quarter. New York State Common Retirement Fund now owns 307,871 shares of the bank’s stock worth $6,619,000 after buying an additional 59,531 shares in the last quarter. Thrivent Financial For Lutherans increased its stake in Banc of California by 6.5% in the second quarter. Thrivent Financial For Lutherans now owns 30,050 shares of the bank’s stock worth $646,000 after buying an additional 1,840 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in Banc of California by 66.7% in the second quarter. Wells Fargo & Company MN now owns 161,110 shares of the bank’s stock worth $3,463,000 after buying an additional 64,480 shares in the last quarter.
About Banc of California
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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