Equities Analysts Offer Predictions for BANC FY2024 Earnings

Banc of California, Inc. (NYSE:BANC) – Investment analysts at DA Davidson raised their FY2024 earnings estimates for Banc of California in a research note issued on Tuesday, November 19th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $0.70 per share for the year, up from their previous estimate of $0.69. 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 $0.70 per share. DA Davidson also issued estimates for Banc of California’s Q4 2024 earnings at $0.24 EPS.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The company had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same period in the previous year, the firm posted $0.30 EPS.

Several other brokerages have also recently weighed in on BANC. Wedbush increased their target price on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Stephens upped their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $17.00 to $18.00 in a report on Thursday, October 31st. Truist Financial upped their price target on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Finally, Raymond James lifted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Banc of California has an average rating of “Hold” and a consensus target price of $17.30.

Banc of California Trading Up 1.8 %

Shares of BANC opened at $16.36 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -3.83 and a beta of 1.13. The firm has a 50 day moving average price of $15.18 and a 200-day moving average price of $14.16. Banc of California has a fifty-two week low of $11.36 and a fifty-two week high of $16.92.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently bought and sold shares of the company. Future Financial Wealth Managment LLC purchased a new stake in Banc of California in the third quarter worth approximately $29,000. Fifth Third Bancorp raised its stake in Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares during the period. GAMMA Investing LLC raised its position in shares of Banc of California by 32.3% during the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares during the last quarter. Mendon Capital Advisors Corp purchased a new stake in Banc of California in the 2nd quarter worth $102,000. Finally, Simplicity Wealth LLC bought a new position in Banc of California during the second quarter valued at approximately $132,000. Institutional investors own 86.88% of the company’s stock.

Insider Buying and Selling

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. This represents a 9.44 % decrease in their ownership of the stock. The transaction 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.44%. Banc of California’s dividend payout ratio (DPR) is -9.37%.

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.