Banc of California Inc (NYSE:BANC) Expected to Announce Earnings of $0.17 Per Share

Wall Street brokerages expect that Banc of California Inc (NYSE:BANC) will post $0.17 earnings per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Banc of California’s earnings. The highest EPS estimate is $0.22 and the lowest is $0.14. Banc of California posted earnings of $0.05 per share during the same quarter last year, which indicates a positive year over year growth rate of 240%. The business is scheduled to report its next quarterly earnings report on Thursday, January 23rd.

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According to Zacks, analysts expect that Banc of California will report full-year earnings of $0.09 per share for the current fiscal year, with EPS estimates ranging from $0.02 to $0.16. For the next financial year, analysts expect that the firm will post earnings of $0.82 per share, with EPS estimates ranging from $0.60 to $0.97. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that that provide coverage for Banc of California.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, October 23rd. The bank reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.68). The firm had revenue of $62.10 million during 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 company’s quarterly revenue was down 19.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 EPS.

Several brokerages have recently issued reports on BANC. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Tuesday, October 15th. Sandler O’Neill downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, September 11th. ValuEngine downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Wells Fargo & Co dropped their target price on shares of Banc of California from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, Raymond James downgraded shares of Banc of California from an “outperform” rating to a “market perform” rating in a research note on Monday, September 16th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $17.25.

Shares of NYSE BANC opened at $14.00 on Friday. The firm’s 50 day moving average price is $14.22 and its 200-day moving average price is $14.25. The company has a market cap of $700.60 million, a PE ratio of 28.57, a P/E/G ratio of 1.60 and a beta of 1.33. Banc of California has a 52-week low of $12.22 and a 52-week high of $17.66. The company has a debt-to-equity ratio of 2.56, a quick ratio of 1.17 and a current ratio of 1.17.

A number of institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its position in Banc of California by 9,099.7% during 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 during the period. Texas Permanent School Fund lifted its position in Banc of California by 5.1% during the third quarter. Texas Permanent School Fund now owns 30,533 shares of the bank’s stock valued at $432,000 after purchasing an additional 1,478 shares during the period. Comerica Bank lifted its position in Banc of California by 5.0% during the third quarter. Comerica Bank now owns 42,064 shares of the bank’s stock valued at $583,000 after purchasing an additional 2,018 shares during the period. California Public Employees Retirement System lifted its position in Banc of California by 19.4% during the third quarter. California Public Employees Retirement System now owns 65,536 shares of the bank’s stock valued at $927,000 after purchasing an additional 10,649 shares during the period. Finally, State of Tennessee Treasury Department lifted its position in Banc of California by 8.5% during the third quarter. State of Tennessee Treasury Department now owns 18,936 shares of the bank’s stock valued at $268,000 after purchasing an additional 1,489 shares during the period. Institutional investors own 98.79% of the company’s stock.

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 offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.

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Earnings History and Estimates for Banc of California (NYSE:BANC)

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