DA Davidson Raises Earnings Estimates for Banc of California

Banc of California, Inc. (NYSE:BANC - Free Report) - Equities researchers at DA Davidson upped their FY2024 earnings per share (EPS) estimates for shares of Banc of California in a research note issued to investors on Tuesday, November 19th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $0.70 per share for the year, up from their previous forecast of $0.69. DA Davidson currently has a "Buy" rating and a $19.00 target price on the stock. The consensus estimate for Banc of California's current full-year earnings is $0.71 per share. DA Davidson also issued estimates for Banc of California's Q4 2024 earnings at $0.24 EPS.

Several other analysts have also recently commented on BANC. Wedbush raised their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Stephens raised their price target on Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 24th. Citigroup began coverage on Banc of California in a research note on Thursday, October 10th. They set a "neutral" rating and a $15.00 price target on the stock. Barclays raised Banc of California from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $17.00 to $18.00 in a research report on Thursday, October 31st. Finally, Truist Financial raised their target price on shares of Banc of California from $15.00 to $16.00 and gave the company a "hold" rating in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $17.30.

Banc of California Stock Performance

Shares of NYSE:BANC traded down $0.08 during trading on Wednesday, reaching $15.96. The company had a trading volume of 326,623 shares, compared to its average volume of 2,345,689. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of -3.76 and a beta of 1.13. Banc of California has a fifty-two week low of $11.36 and a fifty-two week high of $16.92. The stock's fifty day moving average price is $15.08 and its 200 day moving average price is $14.13.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping 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 positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter last year, the company posted $0.30 earnings per share.

Institutional Investors Weigh In On Banc of California

Several large investors have recently made changes to their positions in the company. ProShare Advisors LLC raised its position in shares of Banc of California by 12.4% in the first quarter. ProShare Advisors LLC now owns 27,701 shares of the bank's stock valued at $421,000 after purchasing an additional 3,058 shares during the period. Vanguard Group Inc. boosted its holdings in Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank's stock valued at $161,192,000 after purchasing an additional 1,582,941 shares in the last quarter. American International Group Inc. raised its stake in Banc of California by 3.7% during the first quarter. American International Group Inc. now owns 74,095 shares of the bank's stock worth $1,127,000 after acquiring an additional 2,653 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Banc of California by 8.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 117,025 shares of the bank's stock valued at $1,780,000 after purchasing an additional 9,312 shares during the last quarter. Finally, Capital Research Global Investors acquired a new position in Banc of California in the first quarter worth $32,618,000. Institutional investors own 86.88% of the company's stock.

Insider Activity at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the business's stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The trade was a 9.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.80% of the stock is owned by insiders.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California's payout ratio is -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.