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 EPS estimates for shares of Banc of California in a research note issued on Thursday, April 25th. DA Davidson analyst G. Tenner expects that the bank will post earnings per share of $0.20 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.

BANC has been the subject of several other research reports. Wells Fargo & Company lifted their price target on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Barclays cut their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday. StockNews.com raised shares of Banc of California to a “sell” rating in a report on Thursday. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. Finally, Wedbush reduced their target price on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.64.

Banc of California Stock Performance

NYSE BANC opened at $14.09 on Friday. The company has a fifty day simple moving average of $14.50 and a 200 day simple moving average of $13.32. Banc of California has a 12-month low of $9.72 and a 12-month high of $16.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89.

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

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s payout ratio is -12.01%.

Insider Transactions at Banc of California

In other Banc of California news, Director James Andrew Barker acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was bought at an average price of $13.16 per share, with a total value of $131,600.00. Following the completion of the acquisition, the director now owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 7.37% of the stock is owned by insiders.

Institutional Trading of Banc of California

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System boosted its stake in Banc of California by 4.9% in the first quarter. Louisiana State Employees Retirement System now owns 68,600 shares of the bank’s stock worth $1,043,000 after buying an additional 3,200 shares in the last quarter. Maryland State Retirement & Pension System boosted its stake in Banc of California by 5.1% in the first quarter. Maryland State Retirement & Pension System now owns 49,943 shares of the bank’s stock worth $691,000 after buying an additional 2,407 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in Banc of California by 4.9% in the first quarter. State of Alaska Department of Revenue now owns 84,432 shares of the bank’s stock worth $1,284,000 after buying an additional 3,969 shares in the last quarter. First Dallas Securities Inc. purchased a new stake in Banc of California in the first quarter worth approximately $608,000. Finally, Hodges Capital Management Inc. lifted its position in Banc of California by 288.4% in the first quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock valued at $26,587,000 after purchasing an additional 1,298,004 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.