Regional bank Banc of California (NYSE: BANC) will be announcing earnings results this Wednesday before market open. Here’s what investors should know.
Banc of California missed analysts’ revenue expectations last quarter, reporting revenues of $286.9 million, up 7.9% year on year. It was a slower quarter for the company, with a miss of analysts’ net interest income estimates and a narrow beat of analysts’ EPS estimates.
Is Banc of California a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Banc of California’s revenue to grow 8.1% year on year, improving from the 5.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Banc of California has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Banc of California’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.5%, beating analysts’ expectations by 3.9%, and Hilltop Holdings reported revenues up 7.5%, topping estimates by 3.4%. OFG Bancorp traded up 4.2% following the results while Hilltop Holdings was also up 3%.
Read our full analysis of OFG Bancorp’s results here and Hilltop Holdings’s results here.
Investors in the regional banks segment have had steady hands going into earnings, with share prices flat over the last month. Banc of California is up 1.6% during the same time and is heading into earnings with an average analyst price target of $23.14 (compared to the current share price of $20.78).
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