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BANC

Banc of California

$14.56

-0.27 (-1.82%)

05:35
04/23/19
04/23
05:35
04/23/19
05:35

Banc of California reports Q1 EPS 5c, consensus 25c

Reports Q1 revenue $74.1M, consensus $70.53M. Reports Q1 book value per share $14.12. Reports Q1 CET1 capital ratio 9.72%. "The Q1 results, and particularly actions taken at the end of the quarter, reflect continued effort toward our strategic transformation," said Jared Wolff, President and CEO of Banc of California. "We increased our core deposits during the quarter by $58M and more importantly, increased our noninterest bearing deposits by $97M. Additionally, we decreased our wholesale funding balance to 24% of total funding. Credit quality remained strong with non-performing assets to total assets at 0.29% at quarter end."

  • 23

    Apr

BANC Banc of California
$14.56

-0.27 (-1.82%)

03/06/19
PIPR
03/06/19
NO CHANGE
PIPR
Banc of California a sale candidate, just not today, says Piper Jaffray
Banc of California (BANC) will ultimately end up in the hands of someone else, just not today, Piper Jaffray analyst Matthew Clark tells investors in a research note. The analyst does not believe the hiring of Jared Wolff, with an M&A background at PacWest Bancorp (PACW), as CEO, and the involvement of long-time bank investor Rich Lashley on the board is coincidental. Clark says the "unexpected decision" by CEO Doug Bowers to resign and not see his three-year plan come to fruition reinforces his view. He likes the risk/reward on Banc of California shares and keeps an Overweight rating on the name with a $20 price target.
03/06/19
DADA
03/06/19
DOWNGRADE
DADA
Neutral
Banc of California downgraded to Neutral from Buy at DA Davidson
03/06/19
03/06/19
DOWNGRADE
Target $27

Neutral
Banc of California downgraded to Neutral at DA Davidson after CEO change
As previously reported, DA Davidson analyst Gary Tenner downgraded Banc of California to Neutral from Buy and kept his $27 price target. The analyst says that yesterday's surprise CEO change announcement ended the market speculation about a potential sale of the company following its recently cancelled events, which he attributes to being the key driver of the gains in shares in recent weeks. Given the management change, expectations of a challenging deposit environment, and a 27% rise in the stock price from the lows, Tenner sees risk-reward on Banc of California as balanced.
03/06/19
RILY
03/06/19
NO CHANGE
Target $14
RILY
Neutral
Banc of California CEO resignation a negative, says B. Riley FBR
B. Riley FBR analyst Steve Moss views the resignation of Banc of California CEO Doug Bowers as a negative given his relatively short tenure into the company's turnaround. The analyst is concerned that the resignation, in part, could reflect the significant challenges Banc of California faces to improve its franchise. Further, he believes an acquisition "would be difficult to undertake," given a relatively low tangible book value valuation. Moss views the shares as fully valued and keeps a Neutral rating on the name with a $14 price target.

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