DA Davidson Raises Earnings Estimates for Banc of California

Banc of California, Inc. (NYSE:BANC - Free Report) - Investment analysts at DA Davidson raised their FY2025 earnings estimates for Banc of California in a research note issued on Tuesday, January 28th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $1.75 per share for the year, up from their previous estimate of $1.35. DA Davidson has a "Buy" rating and a $19.00 price target on the stock. The consensus estimate for Banc of California's current full-year earnings is $1.35 per share.

BANC has been the subject of a number of other research reports. Barclays dropped their price objective on Banc of California from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday, January 24th. Wedbush raised their price target on shares of Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Wells Fargo & Company raised Banc of California from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $17.00 to $20.00 in a research note on Monday, January 6th. Stephens lowered their price target on Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a research report on Monday, January 27th. Finally, Citigroup assumed coverage on Banc of California in a report on Thursday, October 10th. They issued a "neutral" rating and a $15.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.20.

Banc of California Trading Down 1.7 %

BANC traded down $0.27 on Thursday, hitting $15.75. 1,005,336 shares of the company were exchanged, compared to its average volume of 1,895,726. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The firm has a fifty day simple moving average of $16.14 and a two-hundred day simple moving average of $15.13. The stock has a market capitalization of $2.50 billion, a PE ratio of 28.21 and a beta of 1.14. Banc of California has a 12 month low of $11.88 and a 12 month high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend was Monday, December 16th. Banc of California's dividend payout ratio is presently 71.43%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Wolverine Asset Management LLC grew its position in Banc of California by 4.9% during the 4th quarter. Wolverine Asset Management LLC now owns 53,575 shares of the bank's stock valued at $828,000 after purchasing an additional 2,491 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Banc of California by 89.7% in the fourth quarter. Handelsbanken Fonder AB now owns 24,316 shares of the bank's stock worth $376,000 after buying an additional 11,500 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Banc of California by 1,159.7% during the fourth quarter. New York State Common Retirement Fund now owns 479,912 shares of the bank's stock valued at $7,419,000 after buying an additional 441,814 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Banc of California by 4.8% during the fourth quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank's stock valued at $233,000 after acquiring an additional 683 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its holdings in Banc of California by 60.4% in the 4th quarter. Sanctuary Advisors LLC now owns 18,132 shares of the bank's stock worth $294,000 after acquiring an additional 6,826 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

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.