Wedbush Has Optimistic Outlook of BANC FY2024 Earnings

Banc of California, Inc. (NYSE:BANC) – Analysts at Wedbush raised their FY2024 earnings estimates for Banc of California in a note issued to investors on Wednesday, October 23rd. Wedbush analyst D. Chiaverini now forecasts that the bank will earn $0.75 per share for the year, up from their prior forecast of $0.66. Wedbush has a “Outperform” 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. Wedbush also issued estimates for Banc of California’s Q4 2024 earnings at $0.23 EPS, Q2 2025 earnings at $0.33 EPS, Q3 2025 earnings at $0.36 EPS and FY2025 earnings at $1.35 EPS.

A number of other analysts have also recently weighed in on BANC. Barclays raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Truist Financial lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Wells Fargo & Company raised their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods dropped their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th. Finally, Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, Banc of California has a consensus rating of “Hold” and a consensus target price of $17.20.

Banc of California Trading Down 0.5 %

Shares of NYSE BANC opened at $15.76 on Monday. The business has a fifty day moving average price of $14.53 and a 200 day moving average price of $13.92. Banc of California has a 1-year low of $10.60 and a 1-year high of $15.86. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.83. The stock has a market capitalization of $2.48 billion, a P/E ratio of -4.73 and a beta of 1.14.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The company had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. During the same quarter in the prior year, the business earned $0.30 earnings per share.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently made changes to their positions in the company. Sippican Capital Advisors grew its position in Banc of California by 7.5% during the third quarter. Sippican Capital Advisors now owns 121,610 shares of the bank’s stock valued at $1,791,000 after buying an additional 8,475 shares during the period. Tectonic Advisors LLC boosted its stake in shares of Banc of California by 2.6% during the 3rd quarter. Tectonic Advisors LLC now owns 120,574 shares of the bank’s stock worth $1,776,000 after acquiring an additional 3,059 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Banc of California by 461.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after acquiring an additional 535,654 shares during the period. Everence Capital Management Inc. increased its stake in shares of Banc of California by 47.7% in the 3rd quarter. Everence Capital Management Inc. now owns 19,671 shares of the bank’s stock valued at $290,000 after purchasing an additional 6,350 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in Banc of California during the third quarter worth approximately $29,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California 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 completion of the transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 7.37% of the stock is currently owned by insiders.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.54%. Banc of California’s 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.