Banc of California, Inc. (NYSE:BANC) Expected to Post Q1 2024 Earnings of $0.17 Per Share

Banc of California, Inc. (NYSE:BANC) – Analysts at DA Davidson lowered their Q1 2024 EPS estimates for shares of Banc of California in a research report issued to clients and investors on Wednesday, March 27th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $0.17 per share for the quarter, down from their prior 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:BANC) last issued its quarterly earnings data on Thursday, January 25th. The bank reported ($4.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). The business had revenue of $193.06 million during the quarter, compared to analysts’ expectations of $163.11 million. Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. During the same quarter last year, the business posted $0.45 EPS.

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

Banc of California Stock Up 0.3 %

BANC opened at $15.21 on Thursday. The business’s fifty day simple moving average is $14.19 and its 200 day simple moving average is $13.04. Banc of California has a 52 week low of $9.72 and a 52 week high of $16.08. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.39 billion, a PE ratio of -4.81 and a beta of 1.14.

Institutional Trading of Banc of California

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

Insider Buying and Selling

In related news, Director James Andrew Barker acquired 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average cost of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director now directly owns 159,680 shares of the company’s stock, valued at approximately $2,101,388.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.37% of the stock is currently owned by company insiders.

Banc of California Announces Dividend

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

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.