Banc of California Inc (NYSE:BANC) – Equities researchers at Piper Jaffray Companies lifted their Q1 2019 earnings per share (EPS) estimates for shares of Banc of California in a research report issued to clients and investors on Tuesday, February 5th. Piper Jaffray Companies analyst M. Clark now forecasts that the bank will post earnings per share of $0.28 for the quarter, up from their prior forecast of $0.22. Piper Jaffray Companies also issued estimates for Banc of California’s Q4 2019 earnings at $0.26 EPS, Q1 2020 earnings at $0.26 EPS and Q2 2020 earnings at $0.31 EPS.
A number of other brokerages have also commented on BANC. B. Riley decreased their price objective on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Tuesday, December 18th. Zacks Investment Research lowered Banc of California from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. Raymond James decreased their price objective on Banc of California from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Monday, November 12th. Finally, ValuEngine lowered Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, December 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Banc of California has a consensus rating of “Hold” and an average target price of $18.25.
Shares of NYSE BANC opened at $14.95 on Thursday. Banc of California has a one year low of $12.22 and a one year high of $21.33. The stock has a market cap of $746.10 million, a price-to-earnings ratio of 30.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.20. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.01 and a quick ratio of 1.01.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, January 24th. The bank reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.18). Banc of California had a return on equity of 6.62% and a net margin of 10.18%. The business had revenue of $73.50 million for the quarter, compared to analyst estimates of $76.00 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. The company’s revenue was down 7.8% compared to the same quarter last year.
Institutional investors and hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its holdings in Banc of California by 140.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,942 shares of the bank’s stock worth $119,000 after purchasing an additional 5,218 shares during the last quarter. Piedmont Investment Advisors Inc. acquired a new stake in Banc of California in the 4th quarter worth approximately $135,000. Quantamental Technologies LLC acquired a new stake in Banc of California in the 4th quarter worth approximately $146,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Banc of California in the 3rd quarter worth approximately $192,000. Finally, Oregon Public Employees Retirement Fund acquired a new stake in Banc of California in the 4th quarter worth approximately $216,000.
In other news, Director Mary A. Curran purchased 2,000 shares of Banc of California stock in a transaction dated Thursday, December 6th. The stock was acquired at an average cost of $15.61 per share, for a total transaction of $31,220.00. Following the acquisition, the director now directly owns 11,736 shares in the company, valued at $183,198.96. The transaction was disclosed in a legal filing with the Securities Exchange Commission, which is available at this hyperlink. 18.08% of the stock is owned by insiders.
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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