Brokers Set Expectations for Banc of California, Inc.’s FY2024 Earnings (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) – Equities research analysts at Wedbush lowered their FY2024 earnings per share estimates for Banc of California in a report released on Wednesday, July 24th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings per share of $0.70 for the year, down from their prior estimate of $1.00. Wedbush currently has a “Neutral” rating and a $14.00 price target on the stock. The consensus estimate for Banc of California’s current full-year earnings is $1.02 per share. Wedbush also issued estimates for Banc of California’s Q4 2024 earnings at $0.21 EPS and FY2025 earnings at $1.35 EPS.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The firm had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same period in the prior year, the business earned $0.32 earnings per share.

Several other research firms have also weighed in on BANC. Piper Sandler reduced their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Stephens decreased their price target on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday. DA Davidson dropped their price objective on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research note on Wednesday, May 15th. StockNews.com raised shares of Banc of California to a “sell” rating in a research note on Thursday, April 25th. Finally, Truist Financial increased their price target on Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $15.69.

Banc of California Stock Performance

NYSE BANC opened at $13.48 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of -4.05 and a beta of 1.14. The firm’s 50 day simple moving average is $13.36 and its 200 day simple moving average is $13.84.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a $0.10 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.97%. Banc of California’s dividend payout ratio is -12.01%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BANC. Vanguard Group Inc. grew its position in shares of Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after buying an additional 1,582,941 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Banc of California by 49.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after acquiring an additional 1,615,478 shares during the last quarter. PL Capital Advisors LLC increased its position in Banc of California by 0.7% during the 1st quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after purchasing an additional 22,500 shares during the period. Goldman Sachs Group Inc. raised its holdings in Banc of California by 148.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after purchasing an additional 1,791,992 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its position in shares of Banc of California by 42.1% in the 1st quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after purchasing an additional 762,959 shares during the period. 86.88% of the stock is owned by institutional investors.

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.