Banc of California (NYSE:BANC) Hits New 52-Week High on Strong Earnings

Banc of California, Inc. (NYSE:BANC)’s stock price reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $15.69 and last traded at $15.47, with a volume of 310183 shares changing hands. The stock had previously closed at $15.42.

The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The company had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. During the same period last year, the company posted $0.30 EPS.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were given a dividend of $0.10 per share. The ex-dividend date was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.62%. Banc of California’s dividend payout ratio (DPR) is currently -12.01%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BANC shares. Truist Financial lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods decreased their target price on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Raymond James lifted their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday. Citigroup began coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price for the company. Finally, Barclays lifted their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Banc of California currently has an average rating of “Hold” and a consensus price target of $17.00.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

Several large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the period. Mutual of America Capital Management LLC boosted its position in shares of Banc of California by 4.3% in the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock worth $363,000 after purchasing an additional 984 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Banc of California by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock worth $892,000 after purchasing an additional 1,200 shares during the period. Fifth Third Bancorp boosted its position in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the period. Finally, Riverview Trust Co bought a new position in shares of Banc of California in the first quarter worth approximately $29,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Trading Down 0.8 %

The firm has a market capitalization of $2.40 billion, a P/E ratio of -4.63 and a beta of 1.14. The stock’s 50-day simple moving average is $14.35 and its two-hundred day simple moving average is $13.88. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

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.