Research Analysts Set Expectations for BANC FY2024 Earnings

Banc of California, Inc. (NYSE:BANC) – Stock analysts at DA Davidson raised their FY2024 earnings per share (EPS) estimates for Banc of California in a research note issued on Wednesday, October 23rd. DA Davidson analyst G. Tenner now anticipates that the bank will earn $0.69 per share for the year, up from their previous forecast of $0.56. DA Davidson has a “Buy” rating and a $19.00 price target on the stock. The consensus estimate for Banc of California’s current full-year earnings is $0.61 per share. DA Davidson also issued estimates for Banc of California’s Q4 2024 earnings at $0.23 EPS.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The company had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same quarter in the prior year, the business earned $0.30 earnings per share.

BANC has been the subject of several other research reports. Wedbush increased their price objective on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday. Keefe, Bruyette & Woods decreased their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Stephens increased their price objective on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective for the company. Finally, Truist Financial raised their target price 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Banc of California has an average rating of “Hold” and an average price target of $17.20.

Banc of California Stock Down 0.8 %

Banc of California stock opened at $15.29 on Thursday. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.69. The business has a fifty day moving average of $14.40 and a two-hundred day moving average of $13.89. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.40 billion, a P/E ratio of -4.59 and a beta of 1.14.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California’s dividend payout ratio is currently -12.01%.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 7.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Banc of California

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after buying an additional 5,311,842 shares during the last quarter. Capital Research Global Investors acquired a new stake in Banc of California in the 1st quarter worth about $32,618,000. Hodges Capital Management Inc. lifted its stake in Banc of California by 288.4% in the 1st quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock worth $26,587,000 after purchasing an additional 1,298,004 shares in the last quarter. William Blair Investment Management LLC lifted its stake in Banc of California by 42.1% in the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after purchasing an additional 762,959 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in Banc of California by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after purchasing an additional 663,061 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.