Banc of California, Inc. Expected to Post FY2024 Earnings of $0.58 Per Share (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) – Stock analysts at DA Davidson decreased their FY2024 EPS estimates for Banc of California in a research report issued to clients and investors on Thursday, July 25th. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $0.58 per share for the year, down from their prior forecast of $1.01. DA Davidson has a “Buy” rating and a $17.50 price target on the stock. The consensus estimate for Banc of California’s current full-year earnings is $0.77 per share. DA Davidson also issued estimates for Banc of California’s FY2025 earnings at $1.39 EPS.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share 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 for the quarter, compared to analysts’ expectations of $271.42 million. During the same quarter last year, the company earned $0.32 earnings per share.

Other research analysts also recently issued research reports about the stock. StockNews.com raised shares of Banc of California to a “sell” rating in a research report on Thursday, April 25th. Piper Sandler cut their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Wells Fargo & Company decreased their price objective on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Truist Financial boosted their target price on Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Stephens decreased their price target on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.69.

Banc of California Stock Performance

Shares of Banc of California stock opened at $13.96 on Monday. The company has a market capitalization of $2.20 billion, a PE ratio of -4.19 and a beta of 1.14. The company has a 50-day simple moving average of $13.33 and a two-hundred day simple moving average of $13.88. Banc of California has a one year low of $9.96 and a one year high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a $0.10 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.40 annualized dividend and a yield of 2.87%. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp raised its holdings in shares of Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the last quarter. Riverview Trust Co purchased a new position in shares of Banc of California during the 1st quarter valued at about $29,000. Future Financial Wealth Managment LLC acquired a new position in shares of Banc of California in the 1st quarter valued at about $30,000. Lee Financial Co acquired a new position in shares of Banc of California in the 4th quarter valued at about $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in shares of Banc of California in the fourth quarter worth about $41,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Company Profile

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.