Equities Analysts Offer Predictions for Banc of California, Inc.’s Q3 2024 Earnings (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) – Equities researchers at Wedbush issued their Q3 2024 earnings per share estimates for shares of Banc of California in a research report issued to clients and investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini anticipates that the bank will post earnings per share of $0.15 for the quarter. Wedbush currently has a “Outperform” rating and a $18.00 target price on the stock. The consensus estimate for Banc of California’s current full-year earnings is $0.59 per share. Wedbush also issued estimates for Banc of California’s Q4 2024 earnings at $0.24 EPS, FY2024 earnings at $0.66 EPS, Q1 2026 earnings at $0.36 EPS, Q2 2026 earnings at $0.39 EPS and FY2026 earnings at $1.55 EPS.

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 the consensus estimate of $0.19 by ($0.09). The firm had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the prior year, the firm posted $0.32 earnings per share.

A number of other analysts have also commented on the stock. Stephens reaffirmed an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a report on Wednesday, September 4th. Truist Financial lifted their price objective on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Raymond James raised Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price on the stock in a research note on Tuesday, September 17th. Barclays boosted their target price on Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Wells Fargo & Company cut their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and an average target price of $16.50.

Banc of California Trading Down 0.2 %

BANC opened at $14.79 on Thursday. The firm has a 50 day simple moving average of $13.99 and a 200 day simple moving average of $13.91. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.54. The company has a market cap of $2.33 billion, a price-to-earnings ratio of -4.44 and a beta of 1.13. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after buying an additional 1,582,941 shares during the period. Basswood Capital Management L.L.C. acquired a new position in Banc of California during the 4th quarter worth approximately $3,374,000. Carmignac Gestion bought a new position in shares of Banc of California during the 4th quarter worth approximately $2,152,000. Sei Investments Co. raised its holdings in shares of Banc of California by 86.0% in the first quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock valued at $7,699,000 after purchasing an additional 234,021 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in shares of Banc of California by 55.5% in the first quarter. Empowered Funds LLC now owns 185,329 shares of the bank’s stock worth $2,819,000 after purchasing an additional 66,183 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 7.37% of the stock is owned by company insiders.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.70%. Banc of California’s dividend payout ratio is presently -12.01%.

About Banc of California

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.