Banc of California Inc (NYSE:BANC) – Equities researchers at B. Riley cut their Q2 2018 earnings per share (EPS) estimates for shares of Banc of California in a report issued on Tuesday, June 19th. B. Riley analyst S. Moss now anticipates that the bank will post earnings of $0.14 per share for the quarter, down from their previous forecast of $0.17. B. Riley has a “Neutral” rating and a $19.00 price objective on the stock. B. Riley also issued estimates for Banc of California’s Q3 2018 earnings at $0.16 EPS, Q4 2018 earnings at $0.18 EPS, FY2018 earnings at $0.55 EPS, Q1 2019 earnings at $0.17 EPS, Q2 2019 earnings at $0.22 EPS, Q3 2019 earnings at $0.26 EPS and Q4 2019 earnings at $0.30 EPS.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Friday, April 27th. The bank reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.11. The business had revenue of $80.02 million during the quarter, compared to the consensus estimate of $78.46 million. Banc of California had a net margin of 11.46% and a return on equity of 8.37%. During the same quarter in the previous year, the firm earned $0.23 EPS.
Shares of NYSE:BANC opened at $19.60 on Wednesday. The company has a market cap of $991.64 million, a PE ratio of 23.90, a P/E/G ratio of 2.41 and a beta of 0.84. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 2.87. Banc of California has a twelve month low of $17.10 and a twelve month high of $23.40.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Stockholders of record on Friday, June 15th will be issued a $0.13 dividend. The ex-dividend date is Thursday, June 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.65%. Banc of California’s payout ratio is 63.41%.
In other news, General Counsel John C. Grosvenor sold 23,941 shares of Banc of California stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $18.78, for a total value of $449,611.98. Following the transaction, the general counsel now directly owns 35,438 shares of the company’s stock, valued at approximately $665,525.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 18.08% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of Banc of California by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 326,382 shares of the bank’s stock valued at $6,299,000 after acquiring an additional 7,743 shares during the period. Xact Kapitalforvaltning AB acquired a new position in shares of Banc of California in the 1st quarter valued at $210,000. Royal Bank of Canada increased its stake in Banc of California by 3.2% in the 1st quarter. Royal Bank of Canada now owns 435,077 shares of the bank’s stock valued at $8,397,000 after buying an additional 13,678 shares during the period. Kenmare Capital Partners L.L.C. increased its stake in Banc of California by 16.0% in the 1st quarter. Kenmare Capital Partners L.L.C. now owns 95,214 shares of the bank’s stock valued at $1,838,000 after buying an additional 13,100 shares during the period. Finally, Millennium Management LLC increased its stake in Banc of California by 448.1% in the 1st quarter. Millennium Management LLC now owns 603,577 shares of the bank’s stock valued at $11,649,000 after buying an additional 493,450 shares during the period.
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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