Analysts expect Banc of California Inc (NYSE:BANC) to report $65.54 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Banc of California’s earnings, with the lowest sales estimate coming in at $63.35 million and the highest estimate coming in at $68.80 million. Banc of California reported sales of $73.13 million during the same quarter last year, which indicates a negative year over year growth rate of 10.4%. The firm is expected to issue its next earnings results before the market opens on Thursday, January 23rd.
According to Zacks, analysts expect that Banc of California will report full year sales of $271.84 million for the current fiscal year, with estimates ranging from $262.04 million to $282.70 million. For the next fiscal year, analysts forecast that the company will post sales of $270.83 million, with estimates ranging from $258.71 million to $280.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Banc of California.
Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.68). The business had revenue of $62.10 million for the quarter, compared to the consensus estimate of $69.70 million. Banc of California had a return on equity of 7.67% and a net margin of 4.79%. The firm’s revenue for the quarter was down 19.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 EPS.
BANC traded up $0.31 during midday trading on Friday, reaching $17.34. 413,900 shares of the company’s stock were exchanged, compared to its average volume of 268,682. The firm has a market capitalization of $881.24 million, a price-to-earnings ratio of 35.39, a price-to-earnings-growth ratio of 1.91 and a beta of 1.41. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 2.60. Banc of California has a one year low of $13.10 and a one year high of $17.66. The business has a 50-day simple moving average of $16.60 and a two-hundred day simple moving average of $14.96.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 18th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.38%. The ex-dividend date was Tuesday, December 17th. Banc of California’s payout ratio is 48.98%.
In other news, CEO Jared M. Wolff acquired 16,500 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was bought at an average price of $15.18 per share, with a total value of $250,470.00. Following the completion of the acquisition, the chief executive officer now owns 152,872 shares in the company, valued at approximately $2,320,596.96. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James Andrew Barker acquired 10,820 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were purchased at an average cost of $16.39 per share, with a total value of $177,339.80. Following the acquisition, the director now owns 3,405 shares of the company’s stock, valued at approximately $55,807.95. The disclosure for this purchase can be found here. Company insiders own 11.06% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Metropolitan Life Insurance Co NY increased its holdings in shares of Banc of California by 8.0% during the third quarter. Metropolitan Life Insurance Co NY now owns 14,828 shares of the bank’s stock worth $210,000 after buying an additional 1,101 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Banc of California by 1.2% in the third quarter. California State Teachers Retirement System now owns 70,605 shares of the bank’s stock valued at $998,000 after purchasing an additional 843 shares in the last quarter. Mason Street Advisors LLC increased its holdings in shares of Banc of California by 6.6% in the third quarter. Mason Street Advisors LLC now owns 15,232 shares of the bank’s stock valued at $215,000 after purchasing an additional 941 shares in the last quarter. Monarch Partners Asset Management LLC acquired a new stake in shares of Banc of California in the third quarter valued at approximately $508,000. Finally, Russell Investments Group Ltd. increased its holdings in shares of Banc of California by 9,099.7% in the third quarter. Russell Investments Group Ltd. now owns 367,068 shares of the bank’s stock valued at $5,190,000 after purchasing an additional 363,078 shares in the last quarter. 99.29% of the stock is owned by institutional investors.
Banc of California Company Profile
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 offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.
Featured Story: What sectors are represented in the Nikkei Index?
Get a free copy of the Zacks research report on Banc of California (BANC)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Banc of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California and related companies with MarketBeat.com's FREE daily email newsletter.
