Banc of California's delayed earnings date announcement is unusual, Stephens says
BUZZ-Banc of California's delayed earnings date announcement is unusual, Stephens says Updates
** Regional lender Banc of California BANC.N announces it will release Q2 results before market opens on July 29
** Brokerage Stephens says BANC does not generally wait this late in an earnings month to announce the timing of release and call
** "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 says
** "Naturally, we expect this to garner M&A speculation today, with BANC likely outperforming in trading," Terrell says
** BANC stock up ~2% in morning trading
** BANC has a market cap of $3.3 billion, while Mechanics Bancorp MCHB.O has a market cap of $3.58 billion - LSEG data
** BANC and MCHB didn't immediately respond to Reuters' requests for comment
** As of last close, BANC down 10.7% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)