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

Banc of California, Inc. (NYSE:BANC) – Research analysts at DA Davidson lowered their Q1 2024 EPS estimates for 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 per share of $0.17 for the quarter, down from their previous 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 posted its earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a positive return on equity of 1.14% and a negative net margin of 44.04%. The firm had revenue of $193.06 million during the quarter, compared to analyst estimates of $163.11 million. During the same quarter last year, the business posted $0.45 earnings per share.

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

Banc of California Stock Up 4.9 %

Shares of NYSE:BANC opened at $15.18 on Thursday. Banc of California has a 12 month low of $9.72 and a 12 month high of $16.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. The company’s fifty day simple moving average is $14.14 and its 200 day simple moving average is $13.03.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Thursday, March 14th. Banc of California’s dividend payout ratio is currently -12.66%.

Insider Buying and Selling at Banc of California

In other news, Director James Andrew Barker purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was bought at an average price of $13.16 per share, with a total value of $131,600.00. Following the acquisition, the director now owns 159,680 shares in the company, valued at approximately $2,101,388.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.37% of the company’s stock.

Institutional Trading of Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in BANC. Quadrature Capital Ltd increased its position in Banc of California by 84.1% during the 4th quarter. Quadrature Capital Ltd now owns 72,073 shares of the bank’s stock worth $968,000 after purchasing an additional 32,921 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Banc of California by 54.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,346 shares of the bank’s stock valued at $206,000 after acquiring an additional 5,412 shares during the period. Hennessy Advisors Inc. acquired a new position in Banc of California in the 4th quarter valued at approximately $2,327,000. Vanguard Group Inc. increased its position in Banc of California by 143.4% in the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after acquiring an additional 5,311,842 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after acquiring an additional 1,791,992 shares during the period. Institutional investors own 86.88% of the company’s stock.

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.