Analysts Issue Forecasts for Banc of California, Inc.’s Q2 2022 Earnings (NYSE:BANC)

Banc of California, Inc. (NYSE:BANCGet Rating) – Stock analysts at DA Davidson decreased their Q2 2022 EPS estimates for Banc of California in a research report issued to clients and investors on Thursday, May 26th. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $0.45 per share for the quarter, down from their prior forecast of $0.46.

Banc of California (NYSE:BANCGet Rating) last issued its earnings results on Thursday, April 21st. The bank reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.29. Banc of California had a return on equity of 12.00% and a net margin of 29.44%. The firm had revenue of $82.35 million for the quarter, compared to analyst estimates of $79.90 million. During the same period last year, the company earned $0.25 earnings per share.

Several other research analysts have also recently issued reports on BANC. StockNews.com cut Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, May 20th. TheStreet raised Banc of California from a “c+” rating to a “b” rating in a research note on Friday, April 22nd. Stephens raised their target price on Banc of California from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Monday, April 25th. Zacks Investment Research cut Banc of California from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 10th. Finally, Raymond James cut Banc of California from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 6th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Banc of California currently has an average rating of “Hold” and a consensus price target of $22.33.

Shares of NYSE BANC opened at $18.84 on Friday. Banc of California has a 1-year low of $15.40 and a 1-year high of $22.09. The firm has a market capitalization of $1.16 billion, a PE ratio of 12.39 and a beta of 1.44. The business’s fifty day moving average price is $18.68 and its two-hundred day moving average price is $19.60. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.98 and a quick ratio of 0.99.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Wednesday, June 15th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Tuesday, June 14th. Banc of California’s dividend payout ratio is currently 15.79%.

A number of institutional investors have recently made changes to their positions in BANC. BlackRock Inc. raised its stake in shares of Banc of California by 0.4% during the 1st quarter. BlackRock Inc. now owns 8,829,206 shares of the bank’s stock worth $170,933,000 after purchasing an additional 38,558 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Banc of California by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 3,614,022 shares of the bank’s stock worth $69,967,000 after purchasing an additional 62,162 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Banc of California by 7.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,475,949 shares of the bank’s stock worth $68,198,000 after purchasing an additional 253,321 shares in the last quarter. Patriot Financial Partners GP LP raised its stake in shares of Banc of California by 136.3% during the 4th quarter. Patriot Financial Partners GP LP now owns 3,452,585 shares of the bank’s stock worth $67,740,000 after purchasing an additional 1,991,232 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Banc of California by 11.9% during the 4th quarter. State Street Corp now owns 2,499,487 shares of the bank’s stock worth $49,187,000 after purchasing an additional 266,482 shares in the last quarter. 92.93% of the stock is owned by hedge funds and other institutional investors.

About Banc of California (Get Rating)

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.

Further Reading

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

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