Wedbush Analysts Boost Earnings Estimates for Banc of California, Inc. (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) – Wedbush lifted their Q2 2024 earnings estimates for Banc of California in a research note issued on Monday, June 24th. Wedbush analyst D. Chiaverini now expects that the bank will earn $0.27 per share for the quarter, up from their previous forecast of $0.26. Wedbush has a “Neutral” rating and a $15.00 price target on the stock. The consensus estimate for Banc of California’s current full-year earnings is $1.10 per share. Wedbush also issued estimates for Banc of California’s Q3 2025 earnings at $0.49 EPS and Q4 2025 earnings at $0.49 EPS.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The business had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same quarter in the prior year, the company earned $0.37 earnings per share.

A number of other equities analysts have also recently issued reports on the stock. DA Davidson lowered their price objective on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Barclays dropped their price target on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 24th. Piper Sandler cut their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. Finally, Wells Fargo & Company lifted their price target on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Banc of California presently has an average rating of “Hold” and a consensus target price of $16.31.

Banc of California Stock Performance

BANC stock opened at $12.28 on Wednesday. The firm has a 50-day moving average price of $13.74 and a 200-day moving average price of $13.85. Banc of California has a 12 month low of $9.96 and a 12 month high of $16.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently made changes to their positions in BANC. Charles Schwab Investment Management Inc. boosted its position in Banc of California by 5.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 438,007 shares of the bank’s stock worth $5,423,000 after purchasing an additional 24,098 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Banc of California during the 3rd quarter valued at about $145,000. Natixis Advisors L.P. purchased a new position in shares of Banc of California during the third quarter worth about $270,000. One Fin Capital Management LP bought a new position in shares of Banc of California in the 3rd quarter worth $5,132,000. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in shares of Banc of California by 140.4% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 68,753 shares of the bank’s stock worth $851,000 after acquiring an additional 40,153 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Banc of California

In other news, CEO Jared M. Wolff acquired 7,130 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was purchased at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.80% of the stock is owned by insiders.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.10 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.26%. Banc of California’s dividend payout ratio is currently -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.