Zacks: Analysts Expect Banc of California Inc (BANC) Will Announce Earnings of -$0.05 Per Share

Brokerages forecast that Banc of California Inc (NYSE:BANC) will report earnings per share of ($0.05) for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Banc of California’s earnings, with estimates ranging from ($0.05) to ($0.04). Banc of California posted earnings of $0.08 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 162.5%. The business is scheduled to announce its next earnings results on Wednesday, May 2nd.

On average, analysts expect that Banc of California will report full year earnings of $0.61 per share for the current fiscal year, with EPS estimates ranging from $0.53 to $0.66. For the next fiscal year, analysts forecast that the business will post earnings of $1.21 per share, with EPS estimates ranging from $0.96 to $1.38. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Banc of California.

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Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, January 25th. The bank reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $78.87 million for the quarter, compared to analyst estimates of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The business’s quarterly revenue was down 31.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 earnings per share.

BANC has been the topic of a number of research reports. B. Riley lowered Banc of California from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $25.00 to $20.00 in a report on Thursday, February 1st. Zacks Investment Research lowered Banc of California from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 30th. Piper Jaffray reissued a “buy” rating and set a $25.00 price target on shares of Banc of California in a report on Thursday, February 8th. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a report on Friday, January 26th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $22.60.

In other news, insider John A. Bogler acquired 20,000 shares of Banc of California stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the completion of the transaction, the insider now directly owns 37,500 shares in the company, valued at $723,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 16.89% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA lifted its position in shares of Banc of California by 158.3% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 36,018 shares of the bank’s stock valued at $747,000 after acquiring an additional 22,074 shares during the period. New York State Common Retirement Fund lifted its position in shares of Banc of California by 46.5% during the 3rd quarter. New York State Common Retirement Fund now owns 450,924 shares of the bank’s stock valued at $9,357,000 after acquiring an additional 143,053 shares during the period. Municipal Employees Retirement System of Michigan lifted its position in shares of Banc of California by 24.3% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 21,980 shares of the bank’s stock valued at $456,000 after acquiring an additional 4,290 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Banc of California by 22.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 929,532 shares of the bank’s stock valued at $19,287,000 after acquiring an additional 170,632 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in shares of Banc of California by 3.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 106,196 shares of the bank’s stock valued at $2,204,000 after acquiring an additional 3,324 shares during the period.

Shares of BANC stock opened at $19.30 on Friday. The stock has a market cap of $977.80, a price-to-earnings ratio of 23.54, a PEG ratio of 2.57 and a beta of 0.91. Banc of California has a 1 year low of $17.10 and a 1 year high of $23.40. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.95 and a current ratio of 0.96.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Thursday, March 15th will be given a $0.13 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.69%. Banc of California’s payout ratio is currently 63.41%.

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Banc of California Company Profile

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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Earnings History and Estimates for Banc of California (NYSE:BANC)

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