DA Davidson Has Optimistic Outlook of BANC FY2024 Earnings

Banc of California, Inc. (NYSE:BANC) – Equities researchers at DA Davidson boosted their FY2024 earnings per share (EPS) 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 of $0.69 per share for the year, up from their previous forecast of $0.56. DA Davidson has a “Buy” rating and a $19.00 price target 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.

A number of other research analysts have also recently commented on the company. Raymond James increased their target price on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday. Keefe, Bruyette & Woods reduced their price objective on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Truist Financial boosted their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Wells Fargo & Company upped their target price on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Barclays lifted their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.20.

Banc of California Price Performance

BANC stock opened at $15.45 on Thursday. The firm has a 50 day simple moving average of $14.44 and a two-hundred day simple moving average of $13.91. 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 stock has a market cap of $2.43 billion, a PE ratio of -4.64 and a beta of 1.14. Banc of California has a one year low of $10.03 and a one year high of $15.69.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same period in the prior year, the business earned $0.30 earnings per share.

Institutional Investors Weigh In On Banc of California

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after purchasing an additional 5,311,842 shares in the last quarter. Capital Research Global Investors purchased a new stake in Banc of California during the 1st quarter valued at $32,618,000. Hodges Capital Management Inc. lifted its holdings in shares of Banc of California by 288.4% during the 1st quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock valued at $26,587,000 after buying an additional 1,298,004 shares during the period. William Blair Investment Management LLC boosted its stake in shares of Banc of California by 42.1% in the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after buying an additional 762,959 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Banc of California by 25.9% in the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after buying an additional 663,061 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now owns 719,826 shares in the company, valued at $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 7.37% of the company’s stock.

Banc of California Announces Dividend

The company also recently declared 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 2.59%. 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.