Banc of California (NYSE:BANC) Issues Earnings Results

Banc of California (NYSE:BANC) posted its earnings results on Thursday. The bank reported $0.28 earnings per share for the quarter, topping the consensus estimate 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 Trading Down 1.2 %

Shares of BANC stock opened at $15.88 on Thursday. The business has a 50-day moving average price of $16.18 and a two-hundred day moving average price of $15.00. Banc of California has a 12-month low of $11.88 and a 12-month high of $18.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market cap of $2.52 billion, a P/E ratio of -3.72 and a beta of 1.14.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.52%. Banc of California’s payout ratio is -9.37%.

Wall Street Analysts Forecast Growth

BANC has been the subject of several analyst reports. DA Davidson raised their price objective on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Stephens raised their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Citigroup initiated coverage on Banc of California in a research note on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective on the stock. Raymond James raised their target price on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Wedbush upped their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Banc of California has a consensus rating of “Moderate Buy” and a consensus 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.