Earnings Growth of 6.5% Over 5 Years Hasn't Been Enough to Translate Into Positive Returns for Banc of California (NYSE:BANC) Shareholders
Earnings Growth of 6.5% Over 5 Years Hasn't Been Enough to Translate Into Positive Returns for Banc of California (NYSE:BANC) Shareholders
For many, the main point of investing is to generate higher returns than the overall market. But the main game is to find enough winners to more than offset the losers At this point some shareholders may be questioning their investment in Banc of California, Inc. (NYSE:BANC), since the last five years saw the share price fall 32%. And some of the more recent buyers are probably worried, too, with the stock falling 32% in the last year. Furthermore, it's down 23% in about a quarter. That's not much fun for holders. But this could be related to the weak market, which is down 10% in the same period.
对许多人来说,投资的主要目的是创造比整体市场更高的回报。但主要的游戏是找到足够多的赢家来抵消输家在这一点上一些股东可能会质疑他们对加州银行股份有限公司 (NYSE:BANC),自过去五年以来股价下跌了32%。 一些最近的买家可能也很担心,去年该股下跌了32%。 此外,它在大约一个季度内下降了23%。这对持有者来说并不有趣。 但这可能与同期下跌10%的疲软市场有关。
Since Banc of California has shed US$69m from its value in the past 7 days, let's see if the longer term decline has been driven by the business' economics.
由于加州银行(Banc of California)在过去7天里股价下跌了6900万美元,让我们看看长期下跌是否是由该公司的经济状况推动的。
See our latest analysis for Banc of California
查看我们对加州银行的最新分析
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
不可否认,市场有时是有效的,但价格并不总是反映潜在的商业表现。考察市场情绪如何随时间变化的一种方法是观察一家公司的股价和每股收益(EPS)之间的相互作用。
During five years of share price growth, Banc of California moved from a loss to profitability. Most would consider that to be a good thing, so it's counter-intuitive to see the share price declining. Other metrics may better explain the share price move.
在五年的股价增长中,加州银行从亏损转为盈利。 大多数人会认为这是一件好事,所以看到股价下跌是违反直觉的。 其他指标可能更好地解释股价走势。
In contrast to the share price, revenue has actually increased by 8.1% a year in the five year period. A more detailed examination of the revenue and earnings may or may not explain why the share price languishes; there could be an opportunity.
与股价形成对比的是,在这五年期间,收入实际上每年增长8.1%。 对收入和收益进行更详细的检查可能会也可能不会解释为什么股价萎靡不振;这可能是一个机会。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
该公司的收入和收益(随着时间的推移)如下图所示(点击查看具体数字)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231027/0-2b42c232a95c66854aad851fe013229a-0-2c3fc42edd4014bcd20339638156e7c2.png/big)
We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. This free report showing analyst forecasts should help you form a view on Banc of California
我们喜欢的是,内部人士在过去12个月一直在买入股票。即便如此,未来的收益对现有股东是否赚钱将重要得多。这免费 显示分析师预测的报告应有助于您对加州银行形成看法
What About Dividends?
那股息呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Banc of California the TSR over the last 5 years was -25%, which is better than the share price return mentioned above. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考察投资回报时,重要的是要考虑到股东总回报(TSR)和股价回报.虽然股价回报仅反映股价的变化,但TSR包括股息的价值(假设它们被再投资)以及任何贴现的资本筹集或分拆的收益。 因此,对于支付慷慨股息的公司来说,TSR通常比股价回报高得多。 我们注意到,对于加州银行,过去5年的股东总回报率为-25%,这比上面提到的股价回报率要好。 而且,猜测股息支付在很大程度上解释了这种分歧是没有好处的!
A Different Perspective
不同的视角
While the broader market gained around 8.7% in the last year, Banc of California shareholders lost 30% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 5% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Case in point: We've spotted 1 warning sign for Banc of California you should be aware of.
尽管去年大盘上涨了8.7%左右,但加州银行的股东却损失了30%(甚至包括股息)。 然而,请记住,即使是最好的股票有时也会在12个月内跑输市场。 不幸的是,去年的表现可能预示着尚未解决的挑战,因为它比过去五年5%的年化亏损还要糟糕。 我们意识到,罗斯柴尔德男爵(Baron Rothschild)曾表示,投资者应该“在街上血流成河时买入”,但我们警告称,投资者首先应该确保自己购买的是一家高质量的企业。 虽然市场条件对股价的不同影响值得考虑,但还有其他因素更为重要。 上一篇:We've Spotted 加州银行的一个警告标志你应该意识到。
Banc of California is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
加州银行并不是唯一一家内部人士购买的股票。对于那些喜欢寻找 赢得投资这免费最近有内幕收购的不断增长的公司名单可能就是合适的选择。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
请注意,本文引用的市场回报反映了目前在美国交易所交易的股票的市场加权平均回报。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。