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 earnings per share estimates for Banc of California in a report issued on Thursday, April 25th. DA Davidson analyst G. Tenner forecasts that the bank will earn $0.20 per share 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 of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. The firm had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same period last year, the company earned $0.37 EPS.

Several other equities analysts have also issued reports on BANC. Stephens reaffirmed an “equal weight” rating and set a $16.00 price target on shares of Banc of California in a research note on Thursday. Truist Financial cut their target price on Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday. StockNews.com raised Banc of California to a “sell” rating in a research note on Thursday. Wells Fargo & Company increased their target price on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Finally, Barclays cut their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.64.

Banc of California Trading Up 1.6 %

Shares of BANC opened at $14.32 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 12-month low of $9.72 and a 12-month high of $16.08. The firm has a market capitalization of $2.25 billion, a PE ratio of -4.30 and a beta of 1.15. The stock’s fifty day simple moving average is $14.49 and its 200-day simple moving average is $13.34.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.79%. Banc of California’s dividend payout ratio (DPR) is currently -12.01%.

Insiders Place Their Bets

In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction on Wednesday, February 14th. The stock was bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the acquisition, the director now directly owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Banc of California news, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction on Wednesday, February 14th. The stock was bought at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the completion of the acquisition, the director now directly owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jared M. Wolff purchased 7,130 shares of the stock in a transaction on Thursday, April 25th. The stock was acquired at an average price of $13.98 per share, with a total value of $99,677.40. Following the completion of the acquisition, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The disclosure for this purchase can be found here. Insiders acquired 27,130 shares of company stock worth $445,277 over the last ninety days. 7.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Banc of California by 4.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock worth $303,000 after buying an additional 955 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Banc of California by 9.8% during the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock worth $185,000 after buying an additional 1,223 shares in the last quarter. Sippican Capital Advisors grew its stake in Banc of California by 1.2% in the third quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock valued at $1,425,000 after purchasing an additional 1,325 shares in the last quarter. Versant Capital Management Inc grew its stake in Banc of California by 2,466.2% in the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,825 shares in the last quarter. Finally, Riverview Trust Co bought a new position in Banc of California in the first quarter valued at approximately $29,000. 86.88% of the stock is currently owned by institutional investors.

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.