Wedbush Comments on Banc of California, Inc.'s Q3 2024 Earnings (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC - Free Report) - Analysts at Wedbush issued their Q3 2024 EPS estimates for Banc of California in a research note issued to investors on Tuesday, September 24th. Wedbush analyst D. Chiaverini anticipates that the bank will earn $0.15 per share for the quarter. Wedbush currently has a "Outperform" rating and a $18.00 target price on the stock. The consensus estimate for Banc of California's current full-year earnings is $0.59 per share. Wedbush also issued estimates for Banc of California's Q4 2024 earnings at $0.24 EPS, FY2024 earnings at $0.66 EPS, Q1 2026 earnings at $0.36 EPS, Q2 2026 earnings at $0.39 EPS and FY2026 earnings at $1.55 EPS.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The company had revenue of $492.38 million during the quarter, compared to analysts' expectations of $271.42 million. During the same period last year, the business earned $0.32 earnings per share.

BANC has been the subject of a number of other reports. Stephens reaffirmed an "equal weight" rating and set a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Wells Fargo & Company dropped their target price on Banc of California from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 9th. Keefe, Bruyette & Woods cut their price target on Banc of California from $18.00 to $17.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 9th. Barclays lowered their price objective on Banc of California from $15.00 to $14.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 24th. Finally, Raymond James raised Banc of California from a "market perform" rating to an "outperform" rating and set a $16.00 target price on the stock in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.28.

Banc of California Stock Up 0.5 %

Shares of NYSE:BANC traded up $0.07 during mid-day trading on Thursday, hitting $14.82. 1,306,202 shares of the company traded hands, compared to its average volume of 2,349,162. The firm's 50 day simple moving average is $13.98 and its 200 day simple moving average is $13.91. Banc of California has a 52-week low of $9.96 and a 52-week high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The firm has a market cap of $2.33 billion, a P/E ratio of -4.45 and a beta of 1.13.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.70%. Banc of California's payout ratio is -12.01%.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares of the company's stock, valued at approximately $10,077,564. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.37% of the stock is owned by corporate insiders.

Institutional Trading of Banc of California

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mendon Capital Advisors Corp acquired a new position in shares of Banc of California during the second quarter valued at $102,000. Algert Global LLC acquired a new position in Banc of California during the 2nd quarter valued at about $182,000. The Manufacturers Life Insurance Company grew its position in Banc of California by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank's stock worth $989,000 after purchasing an additional 1,939 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Banc of California in the second quarter valued at approximately $166,000. Finally, Public Sector Pension Investment Board raised its holdings in shares of Banc of California by 7.5% during the second quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank's stock valued at $3,904,000 after buying an additional 21,365 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.