DA Davidson Weighs in on Banc of California, Inc.’s Q2 2024 Earnings (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) – Analysts at DA Davidson issued their Q2 2024 EPS estimates for Banc of California in a note issued to investors on Thursday, April 25th. DA Davidson analyst G. Tenner anticipates that the bank will post earnings per share of $0.20 for the quarter. The consensus estimate for Banc of California’s current full-year earnings is $1.50 per share. DA Davidson also issued estimates for Banc of California’s FY2024 earnings at $1.17 EPS and FY2025 earnings at $1.86 EPS.

BANC has been the subject of a number of other research reports. Stephens reaffirmed an “equal weight” rating and issued a $16.00 price objective on shares of Banc of California in a report on Thursday. Barclays decreased their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Wednesday. Wedbush decreased their price objective on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Banc of California from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $16.64.

Banc of California Stock Performance

Banc of California stock opened at $14.32 on Friday. The company has a market cap of $2.25 billion, a PE ratio of -4.30 and a beta of 1.15. The company has a fifty day moving average price of $14.49 and a two-hundred day moving average price of $13.34. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California has a 12 month low of $9.72 and a 12 month high of $16.08.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BANC. Versant Capital Management Inc grew its holdings in Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after acquiring an additional 1,825 shares during the period. Riverview Trust Co acquired a new position in Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California during the first quarter worth about $30,000. Lee Financial Co acquired a new position in Banc of California during the fourth quarter worth about $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new position in Banc of California during the fourth quarter worth about $41,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Banc of California

In related news, CEO Jared M. Wolff bought 7,130 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related 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 acquired at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 price of $21.40 per share, for a total transaction of $214,000.00. Following the completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at $214,000. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 27,130 shares of company stock worth $445,277. 7.37% of the stock is owned by insiders.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Thursday, March 14th. Banc of California’s payout ratio is -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.