DA Davidson Weighs in on Banc of California, Inc.’s Q3 2024 Earnings (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) – Equities research analysts at DA Davidson issued their Q3 2024 earnings per share estimates for Banc of California in a research note issued on Thursday, July 25th. DA Davidson analyst G. Tenner forecasts that the bank will post earnings per share of $0.14 for the quarter. DA Davidson currently has a “Buy” rating and a $17.50 target price on the stock. The consensus estimate for Banc of California’s current full-year earnings is $1.02 per share.

A number of other research firms have also issued reports on BANC. Wedbush restated a “neutral” rating and issued a $14.00 price target on shares of Banc of California in a research report on Wednesday. Stephens dropped their target price on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday. Piper Sandler reduced their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Keefe, Bruyette & Woods dropped their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Finally, Wells Fargo & Company cut their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.69.

Banc of California Price Performance

BANC opened at $13.48 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54. The firm’s 50-day moving average price is $13.36 and its 200 day moving average price is $13.84.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The firm had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the previous year, the business posted $0.32 EPS.

Institutional Investors Weigh In On Banc of California

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mutual of America Capital Management LLC increased its position in shares of Banc of California by 4.3% during the first quarter. Mutual of America Capital Management LLC now owns 23,876 shares of the bank’s stock worth $363,000 after purchasing an additional 984 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Banc of California by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after purchasing an additional 1,200 shares during the last quarter. Truist Financial Corp increased its stake in Banc of California by 9.8% in the 4th quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after buying an additional 1,223 shares during the period. Fifth Third Bancorp increased its stake in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the period. Finally, Riverview Trust Co acquired a new stake in Banc of California in the first quarter valued at about $29,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.40 annualized dividend and a yield of 2.97%. Banc of California’s dividend payout ratio is currently -12.01%.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.