Banc of California, Inc. (NYSE:BANC) Expected to Earn Q3 2024 Earnings of $0.22 Per Share

Banc of California, Inc. (NYSE:BANC) – Stock analysts at Wedbush cut their Q3 2024 earnings per share (EPS) estimates for shares of Banc of California in a research report issued to clients and investors on Wednesday, July 24th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $0.22 per share for the quarter, down from their previous forecast of $0.29. Wedbush has a “Neutral” rating and a $14.00 price target on the stock. The consensus estimate for Banc of California’s current full-year earnings is $1.02 per share. Wedbush also issued estimates for Banc of California’s Q1 2025 earnings at $0.32 EPS, Q2 2025 earnings at $0.34 EPS, Q3 2025 earnings at $0.34 EPS and Q4 2025 earnings at $0.35 EPS.

Several other analysts also recently weighed in on the company. StockNews.com upgraded Banc of California to a “sell” rating in a research report on Thursday, April 25th. Stephens lowered their target price on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday. Barclays lowered their target price on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday. Keefe, Bruyette & Woods lowered their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Finally, Piper Sandler lowered their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, May 13th. One research 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. According to MarketBeat.com, Banc of California presently has an average rating of “Hold” and a consensus price target of $15.69.

Banc of California Price Performance

Shares of BANC stock opened at $14.38 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54. The company has a market cap of $2.26 billion, a P/E ratio of -4.32 and a beta of 1.14. The business has a fifty day simple moving average of $13.35 and a 200 day simple moving average of $13.85.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The company had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the previous year, the company posted $0.32 earnings per share.

Institutional Investors Weigh In On Banc of California

Several large investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp lifted its stake in Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares during the last quarter. Riverview Trust Co bought a new stake in Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC bought a new stake in Banc of California during the first quarter worth about $30,000. Lee Financial Co bought a new stake in Banc of California during the fourth quarter worth about $40,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in Banc of California during the fourth quarter worth about $41,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.78%. The ex-dividend date was Friday, June 14th. Banc of California’s dividend 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.