Banc of California Inc (NYSE:BANC) – Equities research analysts at B. Riley reduced their Q4 2018 earnings per share estimates for Banc of California in a research report issued on Thursday. B. Riley analyst S. Moss now expects that the bank will post earnings per share of $0.27 for the quarter, down from their prior estimate of $0.35. B. Riley currently has a “Neutral” rating and a $20.00 price target on the stock. B. Riley also issued estimates for Banc of California’s Q1 2019 earnings at $0.25 EPS.
Other equities analysts have also recently issued research reports about the company. FBR & Co reiterated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a report on Thursday, October 26th. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research cut Banc of California from a “strong-buy” rating to a “sell” rating in a research note on Tuesday, January 30th. BidaskClub upgraded Banc of California from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Finally, Piper Jaffray Companies began coverage on Banc of California in a research note on Thursday, December 21st. They issued an “overweight” rating and a $26.00 target price on the stock. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $22.80.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, January 25th. The bank reported $0.30 earnings per share for the quarter, beating 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 analysts’ expectations of $84.02 million. During the same quarter in the previous year, the business posted $0.54 EPS. Banc of California’s revenue for the quarter was down 31.7% on a year-over-year basis.
In related news, insider John A. Bogler purchased 20,000 shares of the 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 transaction, the insider now directly owns 37,500 shares of the company’s stock, valued at $723,750. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 16.89% of the company’s stock.
Several large investors have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. increased its position in shares of Banc of California by 2.1% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 15,519 shares of the bank’s stock worth $334,000 after purchasing an additional 319 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Banc of California by 2.6% during the 2nd quarter. California Public Employees Retirement System now owns 62,200 shares of the bank’s stock worth $1,337,000 after purchasing an additional 1,600 shares during the last quarter. Thrivent Financial For Lutherans increased its position in shares of Banc of California by 6.5% during the 2nd quarter. Thrivent Financial For Lutherans now owns 30,050 shares of the bank’s stock worth $646,000 after purchasing an additional 1,840 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Banc of California by 11.2% during the 2nd quarter. Voya Investment Management LLC now owns 23,280 shares of the bank’s stock worth $501,000 after purchasing an additional 2,340 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Banc of California by 3.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 106,196 shares of the bank’s stock worth $2,204,000 after acquiring an additional 3,324 shares during the last quarter.
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About Banc of California
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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