Wall Street brokerages expect Banc of California Inc (NYSE:BANC) to announce $75.56 million in sales for the current fiscal quarter, Zacks reports. Six analysts have made estimates for Banc of California’s earnings, with the highest sales estimate coming in at $78.90 million and the lowest estimate coming in at $72.70 million. Banc of California reported sales of $80.02 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 5.6%. The firm is scheduled to issue its next earnings report before the market opens on Tuesday, April 23rd.
On average, analysts expect that Banc of California will report full year sales of $310.22 million for the current financial year, with estimates ranging from $303.90 million to $322.23 million. For the next year, analysts anticipate that the company will post sales of $344.07 million, with estimates ranging from $326.50 million to $359.93 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Banc of California.
Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 24th. The bank reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.18). Banc of California had a return on equity of 6.62% and a net margin of 10.18%. The company had revenue of $73.50 million for the quarter, compared to analyst estimates of $76.00 million. During the same period in the prior year, the business posted $0.12 earnings per share. Banc of California’s revenue for the quarter was down 7.8% on a year-over-year basis.
BANC stock traded up $0.07 during trading on Friday, hitting $15.04. The stock had a trading volume of 8,689 shares, compared to its average volume of 351,334. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 2.37. Banc of California has a twelve month low of $12.22 and a twelve month high of $20.45. The stock has a market cap of $741.62 million, a price-to-earnings ratio of 30.71, a PEG ratio of 1.20 and a beta of 1.25.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio (DPR) is 106.12%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legacy Advisors LLC purchased a new position in Banc of California in the 1st quarter worth approximately $31,000. PNC Financial Services Group Inc. lifted its stake in Banc of California by 140.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,942 shares of the bank’s stock worth $119,000 after purchasing an additional 5,218 shares in the last quarter. Piedmont Investment Advisors Inc. purchased a new stake in shares of Banc of California during the 4th quarter valued at approximately $135,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Banc of California during the 3rd quarter valued at approximately $192,000. Finally, Quantamental Technologies LLC purchased a new stake in shares of Banc of California during the 4th quarter valued at approximately $146,000.
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 and noninterest-bearing demand accounts, as well as certificates of deposits.
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