Analysts predict that Banc of California Inc (NYSE:BANC) will post $76.17 million in sales for the current quarter, according to Zacks. Six analysts have provided estimates for Banc of California’s earnings, with estimates ranging from $74.90 million to $76.60 million. Banc of California posted sales of $79.68 million in the same quarter last year, which suggests a negative year-over-year growth rate of 4.4%. The business is scheduled to issue its next earnings results on Thursday, January 24th.
On average, analysts expect that Banc of California will report full year sales of $309.31 million for the current financial year, with estimates ranging from $305.70 million to $313.40 million. For the next fiscal year, analysts forecast that the company will report sales of $320.89 million, with estimates ranging from $311.38 million to $326.43 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Banc of California.
Several research analysts have issued reports on BANC shares. Zacks Investment Research upgraded shares of Banc of California from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a report on Friday, October 12th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a report on Friday, August 10th. Finally, Raymond James dropped their target price on shares of Banc of California from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Monday, November 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $20.60.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Monday, December 17th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Friday, December 14th. Banc of California’s payout ratio is 63.41%.
In other news, CAO Michael Alan Smith purchased 4,600 shares of the firm’s stock in a transaction on Friday, November 2nd. The stock was acquired at an average cost of $16.50 per share, with a total value of $75,900.00. Following the completion of the transaction, the chief accounting officer now owns 13,959 shares in the company, valued at approximately $230,323.50. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 18.08% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in shares of Banc of California by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 326,382 shares of the bank’s stock valued at $6,299,000 after purchasing an additional 7,743 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new position in shares of Banc of California in the 2nd quarter valued at approximately $400,000. Piedmont Investment Advisors LLC purchased a new position in shares of Banc of California in the 2nd quarter valued at approximately $194,000. Wells Fargo & Company MN raised its position in shares of Banc of California by 25.5% in the 2nd quarter. Wells Fargo & Company MN now owns 394,960 shares of the bank’s stock valued at $7,721,000 after purchasing an additional 80,278 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Banc of California by 3.5% in the 2nd quarter. Victory Capital Management Inc. now owns 2,489,202 shares of the bank’s stock valued at $48,664,000 after purchasing an additional 84,855 shares during the last quarter.
About Banc of California
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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