Banc of California’s (BANC) “Neutral” Rating Reaffirmed at Wedbush

Wedbush reiterated their neutral rating on shares of Banc of California (NYSE:BANC) in a report issued on Wednesday, Benzinga reports. The brokerage currently has a $14.00 price target on the bank’s stock. Wedbush also issued estimates for Banc of California’s Q3 2024 earnings at $0.22 EPS, Q4 2024 earnings at $0.21 EPS, FY2024 earnings at $0.70 EPS, Q1 2025 earnings at $0.32 EPS, Q2 2025 earnings at $0.34 EPS, Q3 2025 earnings at $0.34 EPS, Q4 2025 earnings at $0.35 EPS and FY2025 earnings at $1.35 EPS.

A number of other equities research analysts also recently issued reports on BANC. Stephens decreased their price objective on Banc of California from $16.00 to $15.00 and set an equal weight rating on the stock in a research report on Tuesday, May 14th. Keefe, Bruyette & Woods decreased their price target on Banc of California from $18.00 to $17.00 and set an outperform rating on the stock in a report on Tuesday, July 9th. Barclays dropped their price objective on shares of Banc of California from $15.00 to $14.00 and set an equal weight rating for the company in a research note on Wednesday. StockNews.com upgraded shares of Banc of California to a sell rating in a report on Thursday, April 25th. Finally, Truist Financial upped their price target on shares of Banc of California from $13.00 to $15.00 and gave the company a hold rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $15.69.

Banc of California Stock Up 6.8 %

Shares of BANC opened at $14.40 on Wednesday. The business’s 50 day simple moving average is $13.35 and its 200-day simple moving average is $13.86. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. 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 stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -4.32 and a beta of 1.14.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same quarter last year, the business earned $0.32 EPS. As a group, equities analysts expect that Banc of California will post 0.87 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.78%. Banc of California’s payout ratio is -12.01%.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently modified their holdings of the stock. South Dakota Investment Council increased its holdings in Banc of California by 238.8% during the 4th quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock worth $7,669,000 after purchasing an additional 402,498 shares during the period. Crescent Grove Advisors LLC bought a new position in shares of Banc of California during the 4th quarter worth $1,303,000. New York State Teachers Retirement System increased its stake in shares of Banc of California by 510.7% during the fourth quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock valued at $1,072,000 after buying an additional 66,739 shares during the period. Peregrine Capital Management LLC raised its holdings in shares of Banc of California by 22.2% in the fourth quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after acquiring an additional 114,173 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in Banc of California in the fourth quarter worth about $1,488,000. Institutional investors own 86.88% of the company’s stock.

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.