Banc of California (NYSE:BANC) Announces Earnings Results, Beats Expectations By $0.05 EPS

Banc of California (NYSE:BANC) posted its quarterly earnings data on Thursday. The bank reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05, Zacks reports. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%.

Banc of California Trading Up 1.9 %

Shares of BANC stock opened at $16.00 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock’s 50-day moving average is $16.17 and its 200 day moving average is $15.02. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California’s payout ratio is -9.37%.

Analysts Set New Price Targets

A number of analysts recently weighed in on BANC shares. DA Davidson increased their price objective on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Raymond James increased their price target on Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday. Stephens raised their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Keefe, Bruyette & Woods upped their price objective on Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.10.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.