Banc of California's delayed earnings date announcement is unusual, Stephens says
BANC•Call timing adds to takeover speculation
"Interestingly, the new release and call time both line up with MCHB's release and call time. MCHB (Mechanics Bancorp) is a proven strategic buyer," Stephens analyst Andrew Terrell said.
"Naturally, we expect this to garner M&A speculation today, with BANC likely outperforming in trading," Terrell said.
BANC has a $3.3 billion market cap, while Mechanics Bancorp has a $3.58 billion value, LSEG data showed.
Banc of California and Mechanics Bancorp didn't immediately respond to Reuters' requests for comment.
As of the last close, BANC stock was down 10.7% year to date.
Stephens flags late earnings timing as unusual
Regional lender Banc of California BANC.N early Tuesday announced it would release second-quarter results before market opens on July 29.
Brokerage Stephens said Banc of California does not generally wait this late in an earnings month to announce the timing of the release and call, adding that several investors were already on "high alert".
