Banc of California, Inc. to Post FY2023 Earnings of $2.09 Per Share, DA Davidson Forecasts (NYSE:BANC)

Banc of California, Inc. (NYSE:BANCGet Rating) – Analysts at DA Davidson dropped their FY2023 EPS estimates for Banc of California in a research report issued to clients and investors on Monday, April 25th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings per share of $2.09 for the year, down from their prior estimate of $2.22.

Other analysts also recently issued reports about the company. TheStreet raised Banc of California from a “c+” rating to a “b” rating in a research note on Friday, April 22nd. Stephens raised their target price on Banc of California from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Monday. Zacks Investment Research raised Banc of California from a “hold” rating to a “strong-buy” rating and set a $23.00 target price on the stock in a report on Tuesday, March 29th. StockNews.com initiated coverage on Banc of California in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Raymond James cut Banc of California from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 6th. Three investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Banc of California has an average rating of “Buy” and a consensus price target of $22.33.

Shares of NYSE BANC opened at $18.42 on Wednesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.98 and a current ratio of 0.99. Banc of California has a fifty-two week low of $15.40 and a fifty-two week high of $22.09. The company has a market cap of $1.15 billion, a PE ratio of 12.12 and a beta of 1.50. The business has a 50-day simple moving average of $19.22 and a two-hundred day simple moving average of $19.92.

Banc of California (NYSE:BANCGet Rating) last announced its quarterly earnings data on Thursday, April 21st. The bank reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.23. Banc of California had a net margin of 29.44% and a return on equity of 12.00%. During the same quarter last year, the company posted $0.25 earnings per share.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 1st. Stockholders of record on Tuesday, March 15th were given a $0.06 dividend. The ex-dividend date of this dividend was Monday, March 14th. This represents a $0.24 annualized dividend and a dividend yield of 1.30%. Banc of California’s dividend payout ratio (DPR) is presently 15.79%.

In other Banc of California news, Director James Andrew Barker bought 12,900 shares of the company’s stock in a transaction on Tuesday, February 1st. The stock was bought at an average price of $19.32 per share, for a total transaction of $249,228.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jared M. Wolff purchased 5,015 shares of the firm’s stock in a transaction dated Thursday, January 27th. The stock was purchased at an average cost of $19.70 per share, with a total value of $98,795.50. The disclosure for this purchase can be found here. Company insiders own 12.28% of the company’s stock.

Several hedge funds have recently modified their holdings of BANC. Point72 Hong Kong Ltd acquired a new stake in shares of Banc of California during the 4th quarter worth approximately $33,000. Strs Ohio bought a new stake in Banc of California in the fourth quarter valued at $45,000. Mutual of America Capital Management LLC grew its holdings in shares of Banc of California by 23.8% during the fourth quarter. Mutual of America Capital Management LLC now owns 7,391 shares of the bank’s stock valued at $145,000 after buying an additional 1,421 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Banc of California by 90.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,674 shares of the bank’s stock worth $170,000 after purchasing an additional 4,125 shares during the last quarter. Finally, Wellington Shields Capital Management LLC bought a new stake in Banc of California in the fourth quarter worth about $196,000. 92.67% of the stock is currently owned by institutional investors.

About Banc of California (Get Rating)

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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

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