Skip to main content

Banc of California Shares Spike on Earnings Beat

Banc of California rebounded from Tuesday's decline to gain 20% Wednesday on an earnings beat.
  • Author:
  • Publish date:

Banc of California (BANC) - Get Banc of California Incorporated Report  shares soared Wednesday, up more than 20% after reporting better-than-expected third-quarter results before the opening bell. The bank also increased its full-year earnings expectations. The bank earned $0.59 a share, well ahead of analysts' $0.42 a share expectations. Revenue for the period jumped to $161.6 million from $106.3 million a year ago, topping analysts' $143.5 million expectations. Banc of California shares fell 30% Tuesday after a short-seller alleged that the company's leadership was affiliated with Jason Galanis, who pleaded guilty to conspiracy and securities fraud in July.

Scroll to Continue

TheStreet Recommends