Equities Analysts Set Expectations for Banc of California, Inc.’s Q2 2024 Earnings (NYSE:BANC)


Banc of California, Inc. (NYSE:BANCFree Report) – Investment analysts at DA Davidson dropped their Q2 2024 earnings estimates for shares of Banc of California in a report released on Tuesday, May 14th. DA Davidson analyst G. Tenner now anticipates that the bank will earn $0.16 per share for the quarter, down from their prior forecast of $0.20. DA Davidson has a “Buy” rating and a $17.50 price target on the stock. The consensus estimate for Banc of California’s current full-year earnings is $1.27 per share. DA Davidson also issued estimates for Banc of California’s FY2024 earnings at $1.01 EPS and FY2025 earnings at $1.75 EPS.

Other research analysts also recently issued reports about the stock. Truist Financial reduced their price objective on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, April 25th. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $16.00 to $18.00 in a research report on Friday, March 22nd. Wedbush reduced their target price on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Stephens reduced their target price on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Piper Sandler reduced their target price on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.31.

Read Our Latest Stock Report on Banc of California

Banc of California Stock Up 1.6 %

Shares of Banc of California stock opened at $14.21 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company’s fifty day simple moving average is $14.44 and its two-hundred day simple moving average is $13.58. The company has a market cap of $2.23 billion, a P/E ratio of -4.27 and a beta of 1.17. Banc of California has a 12-month low of $9.96 and a 12-month high of $16.08.

Banc of California (NYSE:BANCGet Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The firm had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter in the prior year, the company earned $0.37 earnings per share.

Hedge Funds Weigh In On Banc of California

Hedge funds and other institutional investors have recently bought and sold shares of the stock. South Dakota Investment Council lifted its stake in Banc of California by 238.8% during the 4th quarter. South Dakota Investment Council now owns 571,063 shares of the bank’s stock valued at $7,669,000 after acquiring an additional 402,498 shares during the period. Crescent Grove Advisors LLC bought a new position in Banc of California during the 4th quarter valued at about $1,303,000. New York State Teachers Retirement System lifted its stake in Banc of California by 510.7% during the 4th quarter. New York State Teachers Retirement System now owns 79,808 shares of the bank’s stock valued at $1,072,000 after acquiring an additional 66,739 shares during the period. Peregrine Capital Management LLC lifted its stake in Banc of California by 22.2% during the 4th quarter. Peregrine Capital Management LLC now owns 628,950 shares of the bank’s stock valued at $8,447,000 after acquiring an additional 114,173 shares during the period. Finally, Raymond James Financial Services Advisors Inc. bought a new position in Banc of California during the 4th quarter valued at about $1,488,000. Institutional investors own 86.88% of the company’s stock.

Insider Activity at Banc of California

In other news, CEO Jared M. Wolff acquired 7,130 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were bought at an average cost of $13.98 per share, with a total value of $99,677.40. Following the transaction, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Richard J. Lashley acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average cost of $21.40 per share, with a total value of $214,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $214,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jared M. Wolff bought 7,130 shares of the stock in a transaction on Thursday, April 25th. The shares were bought at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by insiders.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Friday, June 14th. Banc of California’s dividend payout ratio (DPR) is -12.01%.

Banc of California Company Profile

(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.

See Also

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



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