FY2019 EPS Estimates for Banc of California Inc (BANC) Lowered by Analyst
Banc of California Inc (NYSE:BANC) – Investment analysts at B. Riley cut their FY2019 earnings per share (EPS) estimates for Banc of California in a research note issued on Thursday. B. Riley analyst S. Moss now expects that the bank will earn $1.20 per share for the year, down from their previous forecast of $1.25. B. Riley currently has a “Neutral” rating and a $20.00 target price on the stock.
Several other research firms have also weighed in on BANC. ValuEngine lowered Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. FIG Partners lowered Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday, January 26th. BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. Piper Jaffray Companies assumed coverage on Banc of California in a research report on Thursday, December 21st. They set an “overweight” rating and a $26.00 price target on the stock. Finally, 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. 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. The company presently has an average rating of “Hold” and an average price target 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.
A number of hedge funds have recently modified their holdings of the business. Royce & Associates LP increased its position in Banc of California by 1,310.0% in the 4th quarter. Royce & Associates LP now owns 141,000 shares of the bank’s stock worth $2,912,000 after purchasing an additional 131,000 shares during the last quarter. Penn Capital Management Co. Inc. increased its position in Banc of California by 11.6% in the 4th quarter. Penn Capital Management Co. Inc. now owns 741,864 shares of the bank’s stock worth $15,339,000 after purchasing an additional 77,231 shares during the last quarter. Rhumbline Advisers increased its position in Banc of California by 13.9% in the 4th quarter. Rhumbline Advisers now owns 102,307 shares of the bank’s stock worth $2,113,000 after purchasing an additional 12,447 shares during the last quarter. Arizona State Retirement System increased its position in Banc of California by 225.3% in the 4th quarter. Arizona State Retirement System now owns 71,569 shares of the bank’s stock worth $1,478,000 after purchasing an additional 49,569 shares during the last quarter. Finally, Pinebridge Investments L.P. increased its position in Banc of California by 74.9% in the 4th quarter. Pinebridge Investments L.P. now owns 138,791 shares of the bank’s stock worth $2,866,000 after purchasing an additional 59,457 shares during the last quarter.
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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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