Banc of California, Inc. (NYSE:BANC) Expected to Earn FY2024 Earnings of $0.70 Per Share

Banc of California, Inc. (NYSE:BANC) – Investment analysts at Wedbush decreased their FY2024 earnings per share (EPS) estimates for shares of Banc of California in a report issued on Wednesday, July 24th. Wedbush analyst D. Chiaverini now expects that the bank will earn $0.70 per share for the year, down from their prior forecast of $1.00. Wedbush currently has a “Neutral” rating and a $14.00 target price on the stock. The consensus estimate for Banc of California’s current full-year earnings is $1.02 per share. Wedbush also issued estimates for Banc of California’s Q4 2024 earnings at $0.21 EPS and FY2025 earnings at $1.35 EPS.

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

BANC has been the subject of a number of other reports. Piper Sandler cut their price target on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. Keefe, Bruyette & Woods dropped their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Stephens reduced their target price on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday. Truist Financial boosted their target price on shares of Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, StockNews.com upgraded shares of Banc of California to a “sell” rating in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.69.

Banc of California Price Performance

Shares of NYSE:BANC opened at $13.48 on Friday. The business has a fifty day simple moving average of $13.36 and a 200 day simple moving average of $13.84. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -4.05 and a beta of 1.14.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BANC. South Dakota Investment Council boosted its holdings in Banc of California by 238.8% during the fourth quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock valued at $7,669,000 after acquiring an additional 402,498 shares during the period. Crescent Grove Advisors LLC bought a new stake in Banc of California during the 4th quarter valued at approximately $1,303,000. New York State Teachers Retirement System boosted its stake in Banc of California by 510.7% during the 4th quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock valued at $1,072,000 after purchasing an additional 66,739 shares during the period. Peregrine Capital Management LLC grew its holdings in Banc of California by 22.2% in the 4th quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after buying an additional 114,173 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new position in Banc of California in the 4th quarter worth approximately $1,488,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Friday, June 14th. Banc of California’s payout ratio is -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.