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

Banc of California, Inc. (NYSE:BANC) – Equities researchers at Wedbush cut their Q3 2024 earnings estimates for Banc of California in a research note issued to investors on Monday, June 24th. Wedbush analyst D. Chiaverini now expects that the bank will earn $0.33 per share for the quarter, down from their previous estimate of $0.37. Wedbush currently 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 $1.11 per share. Wedbush also issued estimates for Banc of California’s Q4 2024 earnings at $0.40 EPS, FY2024 earnings at $1.15 EPS and Q1 2025 earnings at $0.45 EPS.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. 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 previous year, the business earned $0.37 earnings per share.

BANC has been the topic of several other research reports. Truist Financial cut their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, April 25th. Stephens cut their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 14th. Piper Sandler cut their target price 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. DA Davidson cut their target price on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Finally, Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $16.00 to $18.00 in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $16.31.

Banc of California Stock Down 4.0 %

Shares of NYSE BANC opened at $12.28 on Tuesday. Banc of California has a one year low of $9.96 and a one year 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. The firm’s 50 day simple moving average is $13.74 and its two-hundred day simple moving average is $13.85. The stock has a market capitalization of $1.93 billion, a P/E ratio of -3.69 and a beta of 1.15.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently made changes to their positions in the company. EMC Capital Management bought a new stake in shares of Banc of California during the 1st quarter valued at about $235,000. Redwood Investment Management LLC bought a new stake in shares of Banc of California during the 1st quarter valued at about $630,000. Kennedy Capital Management LLC lifted its position in shares of Banc of California by 0.7% during the 1st quarter. Kennedy Capital Management LLC now owns 1,802,075 shares of the bank’s stock valued at $27,410,000 after buying an additional 13,311 shares in the last quarter. Black Maple Capital Management LP lifted its position in shares of Banc of California by 195.5% during the 1st quarter. Black Maple Capital Management LP now owns 462,409 shares of the bank’s stock valued at $7,033,000 after buying an additional 305,932 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Banc of California by 394.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,076 shares of the bank’s stock valued at $5,037,000 after buying an additional 264,070 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Banc of California news, CEO Jared M. Wolff acquired 7,130 shares of Banc of California stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the acquisition, the chief executive officer now owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 7.37% of the stock is owned by corporate insiders.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors 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 yield of 3.26%. Banc of California’s payout ratio is -12.01%.

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.