What is DA Davidson’s Forecast for BANC FY2024 Earnings?

Banc of California, Inc. (NYSE:BANC) – Equities research analysts at DA Davidson increased their FY2024 earnings per share (EPS) estimates for Banc of California in a research note issued on Tuesday, November 19th. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings of $0.70 per share for the year, up from their previous estimate of $0.69. DA Davidson has a “Buy” rating and a $19.00 price objective on the stock. The consensus estimate for Banc of California’s current full-year earnings is $0.71 per share. DA Davidson also issued estimates for Banc of California’s Q4 2024 earnings at $0.24 EPS.

Other equities research analysts have also issued research reports about the stock. Stephens raised their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Wells Fargo & Company upped their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Citigroup initiated coverage on Banc of California in a report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price on the stock. Raymond James lifted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Truist Financial lifted their price objective on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Banc of California currently has a consensus rating of “Hold” and a consensus target price of $17.30.

Banc of California Stock Performance

Shares of BANC opened at $16.07 on Wednesday. Banc of California has a one year low of $11.36 and a one year high of $16.92. The company has a market cap of $2.55 billion, a PE ratio of -3.76 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a 50-day moving average of $15.13 and a 200-day moving average of $14.14.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million during the quarter, compared to analysts’ expectations of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same period in the prior year, the company earned $0.30 earnings per share.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.49%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio is currently -9.37%.

Insider Activity at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now owns 719,826 shares in the company, valued at $10,077,564. This represents a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Banc of California

Hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp increased its holdings in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Banc of California during the 3rd quarter worth about $29,000. GAMMA Investing LLC lifted its holdings in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after purchasing an additional 734 shares during the last quarter. Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California in the 2nd quarter valued at about $102,000. Finally, Simplicity Wealth LLC acquired a new position in Banc of California in the 2nd quarter valued at about $132,000. Hedge funds and other 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.