Banc of California, Inc. to Post Q2 2024 Earnings of $0.27 Per Share, Wedbush Forecasts (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) – Investment analysts at Wedbush lifted their Q2 2024 earnings estimates for Banc of California in a report issued on Monday, June 24th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $0.27 per share for the quarter, up from their previous estimate of $0.26. Wedbush has a “Neutral” rating and a $15.00 price target on the stock. The consensus estimate for Banc of California’s current full-year earnings is $1.10 per share. Wedbush also issued estimates for Banc of California’s Q3 2025 earnings at $0.49 EPS and Q4 2025 earnings at $0.49 EPS.

A number of other analysts have also weighed in on BANC. Truist Financial lowered their price objective 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, April 25th. Wells Fargo & Company upped their price objective 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 Wednesday, April 10th. Stephens lowered their price objective 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 Tuesday, May 14th. Piper Sandler decreased their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price target for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Banc of California currently has an average rating of “Hold” and a consensus target price of $16.31.

Banc of California Stock Up 1.6 %

Shares of BANC opened at $12.38 on Wednesday. The firm has a market capitalization of $1.95 billion, a P/E ratio of -3.72 and a beta of 1.15. Banc of California has a 12-month low of $9.96 and a 12-month high of $16.08. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a fifty day moving average price of $13.68 and a 200-day moving average price of $13.83.

Banc of California (NYSE:BANC) last posted 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). The firm had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter last year, the firm earned $0.37 EPS.

Hedge Funds Weigh In On Banc of California

Hedge funds and other institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc increased its holdings in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares during the period. Riverview Trust Co acquired a new position in Banc of California in the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California in the 1st quarter worth approximately $30,000. Lee Financial Co purchased a new stake in Banc of California in the 4th quarter worth approximately $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in Banc of California in the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Insider Activity

In related news, CEO Jared M. Wolff acquired 7,130 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were purchased at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 7.37% of the company’s stock.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.23%. Banc of California’s dividend payout ratio (DPR) is currently -12.01%.

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.