Banc of California (NYSE:BANC – Get Free Report) issued its quarterly earnings results on Tuesday. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07), Briefing.com reports. The business had revenue of $522.57 million during the quarter, compared to analyst estimates of $296.02 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same quarter last year, the firm posted $0.37 earnings per share.
Banc of California Stock Performance
NYSE:BANC traded down $0.28 during trading hours on Wednesday, reaching $13.67. The stock had a trading volume of 1,269,299 shares, compared to its average volume of 2,445,357. The stock has a 50 day simple moving average of $14.49 and a 200 day simple moving average of $13.32. The stock has a market cap of $2.15 billion, a P/E ratio of -4.41 and a beta of 1.15. Banc of California has a 12-month low of $9.72 and a 12-month high of $16.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90.
Banc of California Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio is presently -12.66%.
Insider Buying and Selling at Banc of California
Analysts Set New Price Targets
BANC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. Wedbush cut their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday. Wells Fargo & Company upped their price target on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. StockNews.com assumed coverage on shares of Banc of California in a report on Monday, January 29th. They issued a “hold” rating on the stock. Finally, Barclays started coverage on Banc of California in a report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price target for the company. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Banc of California presently has a consensus rating of “Hold” and an average target price of $16.93.
Read Our Latest Stock Report on Banc of California
Banc of California Company Profile
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.
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