$78.46 Million in Sales Expected for Banc of California (BANC) This Quarter

Brokerages predict that Banc of California (NYSE:BANC) will announce $78.46 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Banc of California’s earnings, with the lowest sales estimate coming in at $77.65 million and the highest estimate coming in at $79.80 million. Banc of California reported sales of $95.38 million during the same quarter last year, which indicates a negative year over year growth rate of 17.7%. The firm is expected to report its next earnings report on Wednesday, May 2nd.

On average, analysts expect that Banc of California will report full-year sales of $328.41 million for the current fiscal year, with estimates ranging from $322.60 million to $334.71 million. For the next year, analysts expect that the business will report sales of $365.95 million per share, with estimates ranging from $350.80 million to $385.59 million. Zacks Investment Research’s sales calculations are an average based on a survey of 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 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. Banc of California had a net margin of 13.28% and a return on equity of 9.93%. The firm had revenue of $78.87 million for the quarter, compared to analyst estimates of $84.02 million. During the same quarter in the prior year, the firm earned $0.54 EPS. The company’s revenue was down 31.7% on a year-over-year basis.

A number of 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 $24.00 target price on the stock in a research report on Monday, January 1st. Bank of America downgraded shares of Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 target price on the stock. in a research report on Friday, April 6th. FIG Partners downgraded shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Piper Jaffray restated a “buy” rating and set a $25.00 target price on shares of Banc of California in a research report on Thursday, February 8th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $22.00.

Banc of California stock traded up $0.17 during trading hours on Friday, reaching $18.92. 256,191 shares of the company’s stock traded hands, compared to its average volume of 644,662. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 2.51. Banc of California has a fifty-two week low of $17.10 and a fifty-two week high of $23.40. The company has a market cap of $949.93, a PE ratio of 23.14, a PEG ratio of 2.55 and a beta of 0.88.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th were given a dividend of $0.13 per share. The ex-dividend date was Wednesday, March 14th. This represents a $0.52 dividend on an annualized basis and a yield of 2.75%. Banc of California’s payout ratio is presently 63.41%.

In other news, insider John A. Bogler purchased 20,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were acquired at an average cost of $19.30 per share, for a total transaction of $386,000.00. Following the transaction, the insider now directly owns 37,500 shares of the company’s stock, valued at approximately $723,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 16.89% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. MetLife Investment Advisors LLC acquired a new stake in shares of Banc of California in the 4th quarter valued at approximately $385,000. Westwood Holdings Group Inc. acquired a new stake in shares of Banc of California in the 4th quarter valued at approximately $12,484,000. LPL Financial LLC acquired a new stake in shares of Banc of California in the 4th quarter valued at approximately $558,000. Forest Hill Capital LLC raised its position in shares of Banc of California by 5.5% in the 4th quarter. Forest Hill Capital LLC now owns 670,673 shares of the bank’s stock valued at $13,849,000 after acquiring an additional 35,000 shares during the period. Finally, HBK Investments L P raised its position in shares of Banc of California by 3.2% in the 4th quarter. HBK Investments L P now owns 121,100 shares of the bank’s stock valued at $2,501,000 after acquiring an additional 3,700 shares during the period.

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

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