DA Davidson Predicts Higher Earnings for Banc of California

Banc of California, Inc. (NYSE:BANC) – Analysts at DA Davidson raised their FY2024 earnings estimates for Banc of California in a research report issued on Wednesday, October 23rd. DA Davidson analyst G. Tenner now expects that the bank will post earnings per share of $0.69 for the year, up from their prior forecast of $0.56. DA Davidson currently has a “Buy” rating and a $19.00 target price 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 announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $431.44 million for the quarter, compared to the consensus estimate of $229.46 million. During the same quarter last year, the company posted $0.30 earnings per share.

BANC has been the topic of several other research reports. Barclays boosted their target price on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday. Keefe, Bruyette & Woods dropped 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 upped their price target on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday. Wedbush upped their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Truist Financial boosted their price objective 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.20.

Banc of California Stock Down 0.8 %

BANC opened at $15.29 on Thursday. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83. The firm’s fifty day moving average price is $14.40 and its two-hundred day moving average price is $13.89. The company has a market capitalization 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 disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.62%. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Insider Buying and Selling

In other news, Director Richard J. Lashley sold 75,000 shares of the 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 transaction, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.37% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Banc of California by 143.4% during the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after purchasing an additional 5,311,842 shares during the period. Capital Research Global Investors purchased a new stake in Banc of California during the first quarter valued at approximately $32,618,000. Hodges Capital Management Inc. raised its position in Banc of California by 288.4% during the first quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock valued at $26,587,000 after purchasing an additional 1,298,004 shares during the period. William Blair Investment Management LLC grew its stake in shares of Banc of California by 42.1% during the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock valued at $39,180,000 after buying an additional 762,959 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Banc of California by 25.9% during the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after buying an additional 663,061 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.