Banc of California, Inc. (NYSE:BANC - Free Report) - Analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Banc of California in a research note issued to investors on Thursday, April 25th. DA Davidson analyst G. Tenner anticipates 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 - Get Free Report) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The firm had revenue of $522.57 million during the quarter, compared to analysts' expectations of $296.02 million. During the same quarter in the previous year, the company posted $0.37 earnings per share.
Other equities research analysts have also issued research reports about the company. Wedbush lowered their target price on Banc of California from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday. Truist Financial lowered their target price on Banc of California from $16.00 to $15.00 and set a "hold" rating for the company in a research note on Thursday. Keefe, Bruyette & Woods raised Banc of California from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Stephens reissued an "equal weight" rating and issued a $16.00 target price on shares of Banc of California in a research note on Thursday. Finally, Barclays lowered their price target on Banc of California from $16.00 to $15.00 and set an "equal weight" rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $16.64.
Get Our Latest Research Report on Banc of California
Banc of California Price Performance
Shares of NYSE BANC traded up $0.22 during midday trading on Friday, reaching $14.32. The company had a trading volume of 1,714,285 shares, compared to its average volume of 2,476,352. Banc of California has a one year low of $9.72 and a one year high of $16.08. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm's fifty day moving average price is $14.50 and its 200-day moving average price is $13.32.
Institutional Trading of Banc of California
Several hedge funds and other institutional investors have recently made changes to their positions in BANC. SG Americas Securities LLC purchased a new stake in Banc of California during the 3rd quarter valued at $252,000. Peregrine Capital Management LLC purchased a new stake in Banc of California during the 3rd quarter valued at $6,373,000. Commonwealth Equity Services LLC purchased a new stake in Banc of California during the 3rd quarter valued at $178,000. Sippican Capital Advisors boosted its stake in Banc of California by 1.2% during the 3rd 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 during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Banc of California by 4.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank's stock valued at $303,000 after purchasing an additional 955 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company's stock.
Insider Transactions at Banc of California
In other news, Director James Andrew Barker bought 10,000 shares of the firm's stock in a transaction dated Wednesday, February 14th. The stock was purchased at an average price of $13.16 per share, with a total value of $131,600.00. Following the transaction, the director now owns 159,680 shares of the company's stock, valued at $2,101,388.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director James Andrew Barker purchased 10,000 shares of the business's stock in a transaction that occurred on Wednesday, February 14th. The shares were bought at an average price of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director now directly owns 159,680 shares of the company's stock, valued at approximately $2,101,388.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jared M. Wolff purchased 7,130 shares of the business's stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The disclosure for this purchase can be found here. In the last quarter, insiders bought 27,130 shares of company stock valued at $445,277. Corporate insiders own 7.37% of the company's stock.
Banc of California Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California's payout ratio is -12.01%.
About Banc of California
(
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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.
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