DA Davidson Has Positive Forecast for BANC FY2024 Earnings

Banc of California, Inc. (NYSE:BANC) – Equities researchers at DA Davidson upped their FY2024 earnings estimates for shares of Banc of California in a research report issued to clients and investors on Tuesday, November 19th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings per share of $0.70 for the year, up from their prior forecast of $0.69. 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 $0.71 per share. DA Davidson also issued estimates for Banc of California’s Q4 2024 earnings at $0.24 EPS.

BANC has been the topic of several other reports. Raymond James upped their target price on Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Stephens increased their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. Citigroup assumed coverage on shares of Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. Barclays raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. Finally, Wedbush boosted 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, October 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Banc of California presently has a consensus rating of “Hold” and an average price target of $17.30.

Banc of California Trading Up 0.1 %

NYSE BANC opened at $16.04 on Wednesday. The firm has a market capitalization of $2.55 billion, a PE ratio of -3.76 and a beta of 1.13. The business’s 50-day moving average price is $15.08 and its two-hundred day moving average price is $14.13. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 12 month low of $11.36 and a 12 month high of $16.92.

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

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio is -9.37%.

Insiders Place Their Bets

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 9.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.80% of the company’s stock.

Institutional Trading of Banc of California

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares during the period. Crescent Grove Advisors LLC lifted its stake in Banc of California by 0.8% in the third quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock valued at $1,460,000 after purchasing an additional 772 shares during the last quarter. FMR LLC grew its holdings in Banc of California by 5.8% during the third quarter. FMR LLC now owns 20,659 shares of the bank’s stock valued at $304,000 after purchasing an additional 1,126 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of Banc of California by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after buying an additional 1,200 shares during the period. Finally, Fifth Third Bancorp lifted its position in shares of Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after buying an additional 1,273 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

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.