FIG Partners Equities Analysts Decrease Earnings Estimates for Banc of California Inc (BANC)
Banc of California Inc (NYSE:BANC) – Equities researchers at FIG Partners reduced their Q3 2018 earnings per share estimates for Banc of California in a research note issued on Friday. FIG Partners analyst T. Coffey now forecasts that the bank will post earnings of $0.22 per share for the quarter, down from their prior forecast of $0.24. FIG Partners currently has a “Underperform” rating on the stock. FIG Partners also issued estimates for Banc of California’s Q4 2018 earnings at $0.24 EPS, FY2018 earnings at $0.87 EPS, Q2 2019 earnings at $0.24 EPS, Q3 2019 earnings at $0.26 EPS, Q4 2019 earnings at $0.27 EPS and FY2019 earnings at $0.99 EPS.
Several other brokerages have also weighed in on BANC. BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Piper Jaffray Companies initiated coverage on Banc of California in a research report on Thursday, December 21st. They issued an “overweight” rating and a $26.00 target price on the stock. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Monday, January 1st. Finally, B. Riley lowered Banc of California from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $25.00 to $20.00 in a research report on Thursday, February 1st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Banc of California currently has a consensus rating of “Hold” and an average target price of $22.60.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.07. The firm had revenue of $78.87 million for the quarter, compared to analyst estimates of $84.02 million. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. Banc of California’s quarterly revenue was down 31.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 earnings per share.
In other news, insider John A. Bogler bought 20,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were bought at an average cost of $19.30 per share, with a total value of $386,000.00. Following the transaction, the insider now directly owns 37,500 shares in the company, valued at approximately $723,750. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 16.89% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of BANC. FNY Partners Fund LP acquired a new position in shares of Banc of California during the 4th quarter valued at about $103,000. Massey Quick Simon & CO. LLC bought a new stake in Banc of California during the 3rd quarter valued at approximately $179,000. Quantbot Technologies LP boosted its stake in Banc of California by 193.0% during the 3rd quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after purchasing an additional 6,140 shares during the period. JPMorgan Chase & Co. boosted its stake in Banc of California by 6,699.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after purchasing an additional 9,312 shares during the period. Finally, Suntrust Banks Inc. bought a new stake in Banc of California during the 2nd quarter valued at approximately $231,000.
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Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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