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) traded up $0.02 during trading hours on Monday, reaching $19.67. The company had a trading volume of 128,185 shares, compared to its average volume of 719,979. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 2.51. Banc of California has a 52-week low of $17.10 and a 52-week high of $23.40. The firm has a market capitalization of $966.29, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 1.64 and a beta of 0.95.

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.

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

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