Banc of California, Inc. (NYSE:BANC) Forecasted to Post Q1 2024 Earnings of $0.17 Per Share

Banc of California, Inc. (NYSE:BANC) – Equities research analysts at DA Davidson dropped their Q1 2024 earnings estimates for Banc of California in a research report issued on Wednesday, March 27th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings per share of $0.17 for the quarter, down from their previous estimate of $0.27. The consensus estimate for Banc of California’s current full-year earnings is $1.66 per share. DA Davidson also issued estimates for Banc of California’s FY2024 earnings at $1.95 EPS.

A number of other research analysts have also recently weighed in on BANC. Keefe, Bruyette & Woods upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Truist Financial lifted their price objective on shares of Banc of California from $13.00 to $16.00 and gave the company a “hold” rating in a report on Tuesday, January 30th. Wedbush lifted their price target on shares of Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, January 26th. Barclays started coverage on shares of Banc of California in a research note on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price target for the company. Finally, StockNews.com started coverage on shares of Banc of California in a research note on Monday, January 29th. They issued a “hold” rating for the company. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $16.71.

Banc of California Price Performance

Shares of BANC opened at $15.18 on Thursday. Banc of California has a 1-year low of $9.72 and a 1-year high of $16.08. The firm has a 50-day simple moving average of $14.14 and a two-hundred day simple moving average of $13.03. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The company had revenue of $193.06 million for the quarter, compared to analyst estimates of $163.11 million. During the same quarter in the prior year, the business earned $0.45 earnings per share.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Banc of California by 3.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,021 shares of the bank’s stock worth $367,000 after purchasing an additional 829 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Banc of California by 4.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock worth $303,000 after purchasing an additional 955 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Banc of California by 5.7% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 18,167 shares of the bank’s stock worth $210,000 after purchasing an additional 980 shares during the last quarter. Advisor Group Holdings Inc. boosted its holdings in shares of Banc of California by 14.9% during the fourth quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank’s stock worth $122,000 after purchasing an additional 994 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Banc of California by 34.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock worth $48,000 after purchasing an additional 1,067 shares during the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Banc of California

In related news, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction dated Wednesday, February 14th. The shares were acquired at an average cost of $13.16 per share, with a total value of $131,600.00. Following the purchase, the director now directly owns 159,680 shares in the company, valued at approximately $2,101,388.80. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.37% of the stock is currently owned by corporate insiders.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be paid a $0.10 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.64%. Banc of California’s dividend payout ratio is currently -12.66%.

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.