Q3 2024 EPS Estimates for Banc of California, Inc. (NYSE:BANC) Lifted by DA Davidson

Banc of California, Inc. (NYSE:BANC) – Equities researchers at DA Davidson boosted their Q3 2024 earnings estimates for shares of Banc of California in a note issued to investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings per share of $0.14 for the quarter, up from their previous estimate of $0.13. The consensus estimate for Banc of California’s current full-year earnings is $0.59 per share. DA Davidson also issued estimates for Banc of California’s FY2024 earnings at $0.56 EPS and FY2025 earnings at $1.36 EPS.

Several other equities research analysts also recently weighed in on BANC. Wedbush raised Banc of California from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $14.00 to $18.00 in a report on Tuesday, September 24th. Wells Fargo & Company raised their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Barclays boosted their price target on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Truist Financial raised their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $14.00 price objective on shares of Banc of California in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $16.61.

Banc of California Stock Up 1.2 %

Banc of California stock opened at $13.82 on Monday. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of -4.15 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The stock has a 50 day moving average of $14.00 and a two-hundred day moving average of $13.88. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) 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 analysts’ expectations of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the prior year, the business earned $0.32 EPS.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new position in shares of Banc of California in the first quarter worth $29,000. Future Financial Wealth Managment LLC purchased a new stake in Banc of California during the 1st quarter worth about $30,000. Fifth Third Bancorp raised its stake in Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares in the last quarter. Finally, Mendon Capital Advisors Corp purchased a new position in Banc of California in the 2nd quarter valued at about $102,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction on 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 sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.37% of the company’s stock.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th were given 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 dividend yield of 2.89%. Banc of California’s 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.