Equities Analysts Issue Forecasts for BANC FY2024 Earnings

Banc of California, Inc. (NYSE:BANC - Free Report) - Equities research analysts at DA Davidson lifted their FY2024 earnings per share estimates for shares of Banc of California in a report issued on Wednesday, October 23rd. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $0.69 per share for the year, up from their previous estimate of $0.56. DA Davidson currently 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 $0.61 per share. DA Davidson also issued estimates for Banc of California's Q4 2024 earnings at $0.23 EPS.

BANC has been the subject of several other reports. Truist Financial upped their price objective on Banc of California from $15.00 to $16.00 and gave the stock a "hold" rating in a research report on Friday, September 20th. Barclays upped their price target on Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Wedbush increased their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a report on Wednesday. Citigroup started coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a "neutral" rating and a $15.00 price target on the stock. Finally, Keefe, Bruyette & Woods decreased their price objective on Banc of California from $18.00 to $17.00 and set an "outperform" rating for the company in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $17.20.

Banc of California Stock Up 1.0 %

BANC stock traded up $0.16 during trading hours on Thursday, reaching $15.45. 2,569,843 shares of the stock were exchanged, compared to its average volume of 2,333,365. The firm's 50-day moving average is $14.40 and its 200-day moving average is $13.89. Banc of California has a 12 month low of $10.03 and a 12 month high of $15.69. The company has a market cap of $2.43 billion, a price-to-earnings ratio of -4.61 and a beta of 1.14. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

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 during the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. During the same quarter in the prior year, the firm earned $0.30 earnings per share.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Banc of California by 143.4% in the fourth quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank's stock valued at $121,069,000 after acquiring an additional 5,311,842 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Banc of California by 54.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank's stock worth $206,000 after buying an additional 5,412 shares in the last quarter. Global Assets Advisory LLC bought a new position in Banc of California during the 1st quarter worth $741,000. Riverview Trust Co acquired a new position in Banc of California in the 1st quarter valued at $29,000. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Banc of California during the 1st quarter valued at $30,000. 86.88% of the stock is owned by institutional investors.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the firm's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares of the company's stock, valued at $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 7.37% of the company's stock.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Monday, September 16th. Banc of California's dividend payout ratio (DPR) is presently -12.01%.

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.