Wedbush Lifts Earnings Estimates for Banc of California

Banc of California, Inc. (NYSE:BANC) – Analysts at Wedbush lifted their FY2024 earnings per share estimates for Banc of California in a research report issued to clients and investors on Wednesday, October 23rd. Wedbush analyst D. Chiaverini now expects that the bank will earn $0.75 per share for the year, up from their prior estimate of $0.66. Wedbush currently has a “Outperform” rating and a $19.00 target price on the stock. The consensus estimate for Banc of California’s current full-year earnings is $0.61 per share. Wedbush also issued estimates for Banc of California’s Q4 2024 earnings at $0.23 EPS, Q2 2025 earnings at $0.33 EPS, Q3 2025 earnings at $0.36 EPS and FY2025 earnings at $1.35 EPS.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter in the prior year, the firm posted $0.30 earnings per share.

BANC has been the topic of several other research reports. Citigroup began coverage on Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective on the stock. Raymond James increased their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods dropped their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Finally, Barclays increased their target price on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.20.

Banc of California Stock Up 4.1 %

Shares of NYSE:BANC opened at $15.84 on Monday. Banc of California has a 52-week low of $10.60 and a 52-week high of $15.86. The stock has a market cap of $2.49 billion, a P/E ratio of -4.76 and a beta of 1.14. The business’s 50 day moving average is $14.50 and its 200 day moving average is $13.91. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Banc of California

A number of institutional investors have recently modified their holdings of the business. Sippican Capital Advisors grew its position in shares of Banc of California by 7.5% during the 3rd quarter. Sippican Capital Advisors now owns 121,610 shares of the bank’s stock valued at $1,791,000 after acquiring an additional 8,475 shares during the period. Tectonic Advisors LLC grew its position in shares of Banc of California by 2.6% during the 3rd quarter. Tectonic Advisors LLC now owns 120,574 shares of the bank’s stock valued at $1,776,000 after acquiring an additional 3,059 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Banc of California by 461.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock valued at $9,599,000 after acquiring an additional 535,654 shares during the period. Everence Capital Management Inc. grew its position in shares of Banc of California by 47.7% during the 3rd quarter. Everence Capital Management Inc. now owns 19,671 shares of the bank’s stock valued at $290,000 after acquiring an additional 6,350 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the 3rd quarter worth about $29,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated 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 completion of the transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their position. The transaction 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were paid 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 2.53%. Banc of California’s payout ratio 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.