Piper Sandler lowered the firm’s price target on Banc of California to $19 from $20 and keeps an Overweight rating on the shares. The firm notes that after the close on Friday, Banc of California filed its 10-Q with a new disclosure related to net loan discount accretion in Q1 earnings. Specifically, Banc of California lowered the contribution of PAA in Q1 2024 to $22.4M. This caused BANC to restate Q1 reported and adjusted EPS to 12c/15c from 17c/19c, Piper adds. The firm continues to believe its Q4 ROA goal of 1.10% may be difficult in a higher-for-longer rate environment, but if Banc of California can achieve its estimate it would be a win for the shares and put it on a path toward $2.00 in 2025.
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