Banc of California (NYSE:BANC) Issues Earnings Results

Banc of California (NYSE:BANC) announced its quarterly earnings data on Thursday. The bank reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05, Zacks reports. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%.

Banc of California Stock Performance

Shares of Banc of California stock opened at $15.72 on Friday. The business has a 50-day simple moving average of $16.17 and a 200 day simple moving average of $15.00. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of -3.68 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a one year low of $11.88 and a one year high of $18.08.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.54%. Banc of California’s dividend payout ratio is currently -9.37%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BANC shares. Stephens raised their price target on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Raymond James raised 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, October 23rd. Wedbush upped their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Barclays increased their price target on shares of Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Citigroup began coverage on Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.10.

About Banc of California

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.