Q2 2024 Earnings Estimate for Banc of California, Inc. (NYSE:BANC) Issued By DA Davidson

Banc of California, Inc. (NYSE:BANC) – Research analysts at DA Davidson issued their Q2 2024 earnings estimates for shares of Banc of California in a research report issued on Thursday, April 25th. DA Davidson analyst G. Tenner anticipates that the bank will post earnings of $0.20 per share for the quarter. The consensus estimate for Banc of California’s current full-year earnings is $1.50 per share. DA Davidson also issued estimates for Banc of California’s FY2024 earnings at $1.17 EPS and FY2025 earnings at $1.86 EPS.

A number of other research analysts have also issued reports on the stock. Stephens reissued an “equal weight” rating and set a $16.00 target price on shares of Banc of California in a research note on Thursday. StockNews.com raised shares of Banc of California to a “sell” rating in a research note on Thursday. Truist Financial reduced their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday. Barclays reduced their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.64.

Banc of California Stock Performance

Shares of NYSE:BANC opened at $14.09 on Friday. 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 fifty-two week low of $9.72 and a fifty-two week high of $16.08. The firm has a 50-day simple moving average of $14.50 and a 200 day simple moving average of $13.32.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The business had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. During the same period in the prior year, the company earned $0.37 EPS.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently made changes to their positions in BANC. SG Americas Securities LLC acquired a new position in Banc of California in the 3rd quarter valued at approximately $252,000. Peregrine Capital Management LLC acquired a new position in Banc of California in the 3rd quarter valued at approximately $6,373,000. Commonwealth Equity Services LLC acquired a new position in Banc of California in the 3rd quarter valued at approximately $178,000. Sippican Capital Advisors increased its stake in Banc of California by 1.2% in the 3rd quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock valued at $1,425,000 after buying an additional 1,325 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Banc of California by 4.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after buying an additional 955 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Activity at Banc of California

In other Banc of California news, Director Richard J. Lashley bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of $21.40 per share, with a total value of $214,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares in the company, valued at $214,000. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 7.37% of the company’s stock.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio is presently -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.