DA Davidson Forecasts Higher Earnings for Banc of California

Banc of California, Inc. (NYSE:BANC) – Research analysts at DA Davidson upped their FY2024 earnings estimates for Banc of California in a report issued on Tuesday, November 19th. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $0.70 per share for the year, up from their previous forecast of $0.69. DA Davidson has a “Buy” rating and a $19.00 price objective on the stock. The consensus estimate for Banc of California’s current full-year earnings is $0.70 per share. DA Davidson also issued estimates for Banc of California’s Q4 2024 earnings at $0.24 EPS.

BANC has been the topic of a number of other research reports. Truist Financial increased their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Raymond James increased their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Stephens increased their target price on Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $17.00 to $18.00 in a research note on Thursday, October 31st. Finally, Citigroup began coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.30.

Banc of California Stock Up 1.8 %

Shares of NYSE BANC opened at $16.36 on Wednesday. Banc of California has a 1 year low of $11.36 and a 1 year high of $16.92. The firm has a 50-day simple moving average of $15.18 and a two-hundred day simple moving average of $14.16. The company has a market cap of $2.60 billion, a P/E ratio of -3.83 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

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

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in shares of Banc of California by 32.3% in the third quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the period. Crescent Grove Advisors LLC increased its stake in Banc of California by 0.8% during the 3rd quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock worth $1,460,000 after buying an additional 772 shares in the last quarter. FMR LLC raised its holdings in shares of Banc of California by 5.8% during the third quarter. FMR LLC now owns 20,659 shares of the bank’s stock valued at $304,000 after acquiring an additional 1,126 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Banc of California by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock valued at $892,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares during the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the firm’s 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 sale, the director now directly owns 719,826 shares in the company, valued at $10,077,564. This trade represents a 9.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 7.37% of the stock is currently owned by insiders.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.44%. Banc of California’s payout ratio is currently -9.37%.

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.