Banc of California (NYSE:BANC) issued its quarterly earnings results on Thursday. The bank reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.06, MarketWatch Earnings reports. Banc of California had a net margin of 10.98% and a return on equity of 8.62%. During the same quarter in the previous year, the firm posted ($0.44) EPS.
Shares of BANC stock opened at $16.94 on Friday. The company has a market cap of $858.35 million, a P/E ratio of 56.47 and a beta of 1.83. Banc of California has a one year low of $9.00 and a one year high of $21.40. The company’s fifty day moving average price is $17.38. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.26.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 1st. Stockholders of record on Tuesday, June 15th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, June 14th. This represents a $0.24 annualized dividend and a dividend yield of 1.42%. Banc of California’s payout ratio is 60.00%.
Several research analysts have recently weighed in on BANC shares. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research note on Friday. Zacks Investment Research cut shares of Banc of California from a “hold” rating to a “sell” rating in a research note on Monday, June 28th. Finally, Stephens started coverage on shares of Banc of California in a research note on Wednesday, July 7th. They set an “equal weight” rating and a $19.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $19.94.
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-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.
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