Equities Analysts Set Expectations for Banc of California, Inc.’s Q1 2024 Earnings (NYSE:BANC)


Banc of California, Inc. (NYSE:BANCFree Report) – Equities researchers at DA Davidson decreased their Q1 2024 earnings per share (EPS) estimates for shares of Banc of California in a report released on Wednesday, March 27th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings per share of $0.17 for the quarter, down from their previous estimate of $0.27. The consensus estimate for Banc of California’s current full-year earnings is $1.66 per share. DA Davidson also issued estimates for Banc of California’s FY2024 earnings at $1.95 EPS.

Banc of California (NYSE:BANCGet Free Report) last announced its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). The business had revenue of $193.06 million for the quarter, compared to analysts’ expectations of $163.11 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same quarter in the previous year, the company posted $0.45 earnings per share.

Several other brokerages also recently commented on BANC. StockNews.com initiated coverage on shares of Banc of California in a report on Monday, January 29th. They issued a “hold” rating for the company. Barclays began coverage on Banc of California in a report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price target on the stock. Wedbush upped their price objective on shares of Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Truist Financial lifted their target price on shares of Banc of California from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.71.

View Our Latest Stock Report on BANC

Banc of California Price Performance

Shares of NYSE BANC opened at $15.21 on Thursday. The stock has a fifty day moving average of $14.19 and a 200-day moving average of $13.04. The stock has a market cap of $2.39 billion, a PE ratio of -4.81 and a beta of 1.14. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California has a fifty-two week low of $9.72 and a fifty-two week high of $16.08.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Thursday, March 14th. Banc of California’s payout ratio is presently -12.66%.

Insider Buying and Selling at Banc of California

In related news, insider Robert G. Dyck sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares in the company, valued at approximately $373,935.63. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Banc of California by 3.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,021 shares of the bank’s stock valued at $367,000 after acquiring an additional 829 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Banc of California by 4.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after purchasing an additional 955 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of Banc of California by 5.7% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 18,167 shares of the bank’s stock worth $210,000 after buying an additional 980 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in shares of Banc of California by 14.9% during the fourth quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank’s stock valued at $122,000 after buying an additional 994 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Banc of California by 34.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock valued at $48,000 after acquiring an additional 1,067 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

About Banc of California

(Get Free Report)

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.

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Earnings History and Estimates for Banc of California (NYSE:BANC)



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