$78.46 Million in Sales Expected for Banc of California Inc (BANC) This Quarter
Equities research analysts predict that Banc of California Inc (NYSE:BANC) will announce $78.46 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Banc of California’s earnings, with the highest sales estimate coming in at $79.80 million and the lowest estimate coming in at $77.65 million. Banc of California posted sales of $95.38 million in the same quarter last year, which would indicate a negative year over year growth rate of 17.7%. The business is scheduled to report its next quarterly earnings report on Wednesday, May 2nd.
On average, analysts expect that Banc of California will report full-year sales of $78.46 million for the current financial year, with estimates ranging from $322.60 million to $334.71 million. For the next year, analysts forecast that the business will post sales of $365.95 million per share, with estimates ranging from $350.80 million to $385.59 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Banc of California.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.07. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The business had revenue of $78.87 million for the quarter, compared to analyst estimates of $84.02 million. During the same period last year, the company earned $0.54 EPS. The firm’s revenue was down 31.7% on a year-over-year basis.
Banc of California (NYSE:BANC) remained flat at $$20.40 during mid-day trading on Friday. The stock had a trading volume of 665,812 shares, compared to its average volume of 753,984. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 2.51. The stock has a market capitalization of $1,020.00, a P/E ratio of 32.38, a price-to-earnings-growth ratio of 1.89 and a beta of 0.95. Banc of California has a fifty-two week low of $17.10 and a fifty-two week high of $23.40.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.13 per share. The ex-dividend date is Wednesday, March 14th. This represents a $0.52 annualized dividend and a yield of 2.55%. Banc of California’s dividend payout ratio is presently 82.54%.
In other news, insider John A. Bogler purchased 20,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were purchased at an average price of $19.30 per share, with a total value of $386,000.00. Following the purchase, the insider now directly owns 37,500 shares of the company’s stock, valued at approximately $723,750. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 16.89% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FNY Partners Fund LP acquired a new stake in shares of Banc of California in the fourth quarter valued at about $103,000. Massey Quick Simon & CO. LLC acquired a new stake in shares of Banc of California in the third quarter valued at about $179,000. Quantbot Technologies LP increased its position in shares of Banc of California by 193.0% in the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock valued at $193,000 after acquiring an additional 6,140 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Banc of California by 6,699.3% in the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock valued at $195,000 after acquiring an additional 9,312 shares during the last quarter. Finally, Suntrust Banks Inc. acquired a new stake in shares of Banc of California in the second quarter valued at about $231,000.
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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