FY2024 EPS Forecast for Banc of California Lifted by Analyst

Banc of California, Inc. (NYSE:BANC - Free Report) - Equities researchers at Wedbush lifted their FY2024 earnings estimates for Banc of California in a note issued to investors on Wednesday, October 23rd. Wedbush analyst D. Chiaverini now anticipates that the bank will earn $0.75 per share for the year, up from their previous estimate of $0.66. Wedbush currently has a "Outperform" rating and a $19.00 target price on the stock. The consensus estimate for Banc of California's current full-year earnings is $0.61 per share. Wedbush also issued estimates for Banc of California's Q4 2024 earnings at $0.23 EPS, Q2 2025 earnings at $0.33 EPS, Q3 2025 earnings at $0.36 EPS and FY2025 earnings at $1.35 EPS.

Banc of California (NYSE:BANC - Get Free Report) last announced 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. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The business had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. During the same quarter last year, the firm earned $0.30 earnings per share.

A number of other research firms have also weighed in on BANC. Keefe, Bruyette & Woods reduced their target price 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. Wells Fargo & Company raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 23rd. Truist Financial boosted their price objective on shares of Banc of California from $15.00 to $16.00 and gave the company a "hold" rating in a research report on Friday, September 20th. Raymond James raised their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Finally, Barclays boosted their price target on Banc of California from $16.00 to $17.00 and gave the company an "equal weight" rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of "Hold" and a consensus price target of $17.20.

Banc of California Trading Up 4.1 %

Shares of BANC stock traded up $0.62 on Monday, reaching $15.84. 2,296,533 shares of the company's stock were exchanged, compared to its average volume of 2,333,921. The company's fifty day simple moving average is $14.50 and its 200 day simple moving average is $13.91. Banc of California has a 52 week low of $10.60 and a 52 week high of $15.86. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $2.49 billion, a PE ratio of -4.76 and a beta of 1.14.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BANC. Vanguard Group Inc. boosted its position in Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank's stock worth $121,069,000 after purchasing an additional 5,311,842 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Banc of California by 54.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank's stock valued at $206,000 after buying an additional 5,412 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Banc of California by 4.9% during the first quarter. State of Alaska Department of Revenue now owns 84,432 shares of the bank's stock valued at $1,284,000 after purchasing an additional 3,969 shares in the last quarter. Maryland State Retirement & Pension System grew its position in shares of Banc of California by 5.1% in the first quarter. Maryland State Retirement & Pension System now owns 49,943 shares of the bank's stock valued at $691,000 after purchasing an additional 2,407 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Banc of California by 5.5% in the first quarter. Principal Financial Group Inc. now owns 719,383 shares of the bank's stock valued at $10,942,000 after purchasing an additional 37,589 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the firm's stock in a transaction dated Wednesday, September 4th. The stock was 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 in the company, valued at $10,077,564. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 7.37% of the company's stock.

Banc of California Dividend Announcement

The company 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. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.53%. Banc of California's dividend payout ratio is currently -12.01%.

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.