Wall Street brokerages predict that Banc of California Inc (NYSE:BANC) will report earnings per share (EPS) of $0.23 for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Banc of California’s earnings, with the lowest EPS estimate coming in at $0.22 and the highest estimate coming in at $0.25. Banc of California posted earnings of $0.30 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 23.3%. The company is scheduled to report its next earnings report on Thursday, January 24th.
On average, analysts expect that Banc of California will report full year earnings of $0.55 per share for the current fiscal year, with EPS estimates ranging from $0.53 to $0.56. For the next financial year, analysts anticipate that the business will post earnings of $1.11 per share, with EPS estimates ranging from $0.95 to $1.23. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Banc of California.
A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Friday, October 12th. ValuEngine lowered Banc of California from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. Banc of California has a consensus rating of “Hold” and a consensus price target of $20.75.
In other Banc of California news, Director W Kirk Wycoff sold 140,656 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $20.08, for a total transaction of $2,824,372.48. Following the completion of the sale, the director now directly owns 4,748 shares in the company, valued at approximately $95,339.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 640,656 shares of company stock valued at $12,808,384 over the last 90 days. Corporate insiders own 18.08% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Gator Capital Management LLC lifted its holdings in shares of Banc of California by 113.6% during the 3rd quarter. Gator Capital Management LLC now owns 28,816 shares of the bank’s stock valued at $545,000 after buying an additional 15,325 shares during the last quarter. Teton Advisors Inc. bought a new position in shares of Banc of California in the 3rd quarter valued at approximately $520,000. Sawtooth Solutions LLC bought a new position in shares of Banc of California in the 3rd quarter valued at approximately $241,000. First Trust Advisors LP raised its stake in shares of Banc of California by 34.8% in the 3rd quarter. First Trust Advisors LP now owns 60,748 shares of the bank’s stock valued at $1,148,000 after acquiring an additional 15,689 shares in the last quarter. Finally, Deprince Race & Zollo Inc. raised its stake in shares of Banc of California by 5.0% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 653,971 shares of the bank’s stock valued at $12,360,000 after acquiring an additional 31,048 shares in the last quarter.
NYSE BANC traded up $0.18 during trading on Wednesday, reaching $16.54. 8,076 shares of the company’s stock were exchanged, compared to its average volume of 676,095. Banc of California has a fifty-two week low of $14.11 and a fifty-two week high of $23.40. The firm has a market capitalization of $828.77 million, a PE ratio of 20.16, a PEG ratio of 2.00 and a beta of 0.93. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 2.53.
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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