Banc of California, Inc. Expected to Earn FY2025 Earnings of $1.90 Per Share (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC - Free Report) - Wedbush dropped their FY2025 earnings per share (EPS) estimates for Banc of California in a note issued to investors on Monday, May 13th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings per share of $1.90 for the year, down from their previous forecast of $2.20. Wedbush has a "Neutral" rating and a $15.00 price objective on the stock. The consensus estimate for Banc of California's current full-year earnings is $1.27 per share.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). The business had revenue of $522.57 million for the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same quarter in the previous year, the company earned $0.37 EPS.

BANC has been the topic of several other research reports. Stephens decreased their price objective on Banc of California from $16.00 to $15.00 and set an "equal weight" rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods raised Banc of California from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $16.00 to $18.00 in a report on Friday, March 22nd. DA Davidson lowered their price target on Banc of California from $20.00 to $17.50 and set a "buy" rating on the stock in a research report on Wednesday. Piper Sandler cut their price objective on Banc of California from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Monday. Finally, StockNews.com upgraded shares of Banc of California to a "sell" rating in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Banc of California currently has a consensus rating of "Hold" and a consensus target price of $16.31.

Banc of California Stock Performance

Shares of BANC traded down $0.13 during trading hours on Thursday, reaching $14.08. 1,715,387 shares of the company traded hands, compared to its average volume of 2,500,421. Banc of California has a 1-year low of $9.96 and a 1-year 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 0.89. The stock has a market cap of $2.21 billion, a P/E ratio of -4.23 and a beta of 1.17. The stock's fifty day moving average is $14.42 and its 200 day moving average is $13.58.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.10 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.84%. Banc of California's payout ratio is presently -12.01%.

Insiders Place Their Bets

In related news, CEO Jared M. Wolff purchased 7,130 shares of the stock in a transaction dated Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, with a total value of $99,677.40. Following the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Banc of California news, CEO Jared M. Wolff bought 7,130 shares of Banc of California stock in a transaction on Thursday, April 25th. The shares were purchased at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the acquisition, the chief executive officer now owns 268,695 shares in the company, valued at approximately $3,756,356.10. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard J. Lashley purchased 10,000 shares of the stock in a transaction on Thursday, February 29th. The stock was acquired at an average price of $21.40 per share, with a total value of $214,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company's stock, valued at $214,000. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently bought and sold shares of BANC. Vanguard Group Inc. increased its position in shares of Banc of California by 143.4% in the fourth 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 last quarter. Capital Research Global Investors bought a new position in shares of Banc of California in the first quarter valued at $32,618,000. Bayview Asset Management LLC acquired a new stake in Banc of California in the fourth quarter valued at $27,297,000. Goldman Sachs Group Inc. increased its stake in shares of 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, Massachusetts Financial Services Co. MA lifted its stake in Banc of California by 345.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank's stock valued at $30,775,000 after purchasing an additional 1,777,330 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

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.