DA Davidson Lifts Earnings Estimates for Banc of California

Banc of California, Inc. (NYSE:BANC) – Equities researchers at DA Davidson increased their FY2025 earnings estimates for Banc of California in a research report issued on Tuesday, January 28th. DA Davidson analyst G. Tenner now expects that the bank will earn $1.75 per share for the year, up from their previous estimate of $1.35. 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 $0.71 per share.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%.

Several other research firms have also issued reports on BANC. Stephens dropped their price objective on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday. Raymond James increased their price objective on shares of Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. StockNews.com raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. Finally, Citigroup started coverage on shares of Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Banc of California has an average rating of “Moderate Buy” and an average price target of $18.20.

Banc of California Stock Performance

Shares of BANC stock opened at $16.22 on Thursday. Banc of California has a one year low of $11.88 and a one year high of $18.08. The company has a 50 day moving average price of $16.16 and a 200 day moving average price of $15.11. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of -3.80 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were given a $0.10 dividend. The ex-dividend date was Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.47%. Banc of California’s payout ratio is currently -9.37%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Verition Fund Management LLC lifted its stake in Banc of California by 93.2% in the third quarter. Verition Fund Management LLC now owns 2,476,387 shares of the bank’s stock valued at $36,477,000 after acquiring an additional 1,194,839 shares during the last quarter. Hodges Capital Management Inc. raised its position in shares of Banc of California by 10.7% in the fourth quarter. Hodges Capital Management Inc. now owns 2,281,410 shares of the bank’s stock valued at $35,270,000 after purchasing an additional 221,125 shares during the period. Basswood Capital Management L.L.C. increased its position in Banc of California by 589.8% during the third quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock worth $25,526,000 after acquiring an additional 1,481,692 shares during the period. Wellington Management Group LLP bought a new position in Banc of California during the third quarter worth $21,207,000. Finally, Charles Schwab Investment Management Inc. increased its position in Banc of California by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,233,452 shares of the bank’s stock worth $18,169,000 after acquiring an additional 44,951 shares during the period. 86.88% of the stock is currently owned by institutional investors.

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.