DA Davidson Predicts Lower Earnings for Banc of California

Banc of California, Inc. (NYSE:BANC - Free Report) - DA Davidson dropped their FY2025 earnings per share estimates for shares of Banc of California in a note issued to investors on Thursday, December 19th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $1.35 per share for the year, down from their prior estimate of $1.36. 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 $0.70 per share.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $0.30 earnings per share.

A number of other brokerages also recently issued reports on BANC. Keefe, Bruyette & Woods increased their price target on shares of Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Barclays increased their target price on shares of Banc of California from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, December 5th. Wedbush boosted their price target on shares of Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Raymond James upped their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company lifted their price objective on Banc of California from $16.00 to $17.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. One investment 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 MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $17.80.

Banc of California Stock Performance

Shares of NYSE:BANC traded up $0.06 during midday trading on Friday, reaching $15.42. 4,271,631 shares of the company traded hands, compared to its average volume of 2,325,746. Banc of California has a 12 month low of $11.88 and a 12 month high of $18.08. The firm's fifty day moving average price is $16.15 and its two-hundred day moving average price is $14.53. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -3.61 and a beta of 1.14.

Hedge Funds Weigh In On Banc of California

Large investors have recently modified their holdings of the company. Fifth Third Bancorp grew its position in Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank's stock valued at $27,000 after acquiring an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California in the 3rd quarter valued at $29,000. GAMMA Investing LLC grew its holdings in shares of Banc of California by 32.3% during the 3rd 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 last quarter. Mendon Capital Advisors Corp purchased a new position in Banc of California in the 2nd quarter worth $102,000. Finally, Paloma Partners Management Co purchased a new position in Banc of California in the 3rd quarter worth $158,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Monday, December 16th. Banc of California's payout ratio is currently -9.37%.

Banc of California Company Profile

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.