Banc of California Inc (NYSE:BANC) Expected to Post Quarterly Sales of $73.09 Million
Wall Street brokerages expect Banc of California Inc (NYSE:BANC) to announce sales of $73.09 million for the current quarter, Zacks reports. Six analysts have issued estimates for Banc of California’s earnings. The highest sales estimate is $75.14 million and the lowest is $71.61 million. Banc of California posted sales of $80.83 million in the same quarter last year, which suggests a negative year over year growth rate of 9.6%. The company is scheduled to report its next quarterly earnings results before the market opens on Thursday, July 25th.
According to Zacks, analysts expect that Banc of California will report full year sales of $293.59 million for the current fiscal year, with estimates ranging from $286.31 million to $300.62 million. For the next financial year, analysts anticipate that the business will post sales of $307.80 million, with estimates ranging from $290.40 million to $329.60 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Banc of California.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.05 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.19). The firm had revenue of $74.10 million for the quarter, compared to analysts’ expectations of $75.56 million. Banc of California had a return on equity of 7.52% and a net margin of 9.63%. During the same period in the previous year, the firm earned $0.06 earnings per share.
NYSE BANC traded up $0.12 during trading hours on Friday, reaching $13.80. The stock had a trading volume of 716,085 shares, compared to its average volume of 395,304. The company’s fifty day moving average is $13.81. The stock has a market cap of $710.80 million, a PE ratio of 28.16, a P/E/G ratio of 1.47 and a beta of 1.27. Banc of California has a 52-week low of $12.22 and a 52-week high of $20.45. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.58.
The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 17th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Friday, June 14th. Banc of California’s payout ratio is presently 48.98%.
A number of large investors have recently made changes to their positions in the business. BlackRock Inc. lifted its holdings in Banc of California by 3.3% in the fourth quarter. BlackRock Inc. now owns 6,444,776 shares of the bank’s stock valued at $85,781,000 after acquiring an additional 207,050 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Banc of California by 16.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,249,267 shares of the bank’s stock worth $43,248,000 after buying an additional 454,576 shares during the period. Ranger Investment Management L.P. raised its stake in shares of Banc of California by 2.8% during the 4th quarter. Ranger Investment Management L.P. now owns 2,305,987 shares of the bank’s stock worth $30,693,000 after buying an additional 62,516 shares during the period. State of Wisconsin Investment Board raised its stake in shares of Banc of California by 29.7% during the 1st quarter. State of Wisconsin Investment Board now owns 750,181 shares of the bank’s stock worth $10,382,000 after buying an additional 171,700 shares during the period. Finally, Deprince Race & Zollo Inc. raised its stake in shares of Banc of California by 3.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 679,163 shares of the bank’s stock worth $9,040,000 after buying an additional 25,192 shares during the period. 99.28% of the stock is owned by institutional investors.
Banc of California Company Profile
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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