Banc of California, Inc. (NYSE:BANC) Insider Olivia I. Lindsay Sells 11,000 Shares

Banc of California, Inc. (NYSE:BANC) insider Olivia I. Lindsay sold 11,000 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the completion of the sale, the insider now directly owns 30,902 shares in the company, valued at $419,649.16. This trade represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Banc of California Price Performance

Shares of BANC stock opened at $14.00 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market capitalization of $2.07 billion, a P/E ratio of 25.00 and a beta of 0.67. The company’s 50-day simple moving average is $13.49 and its two-hundred day simple moving average is $14.85. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.08.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. The firm had revenue of $266.01 million for the quarter, compared to the consensus estimate of $272.36 million. During the same period last year, the firm earned $0.19 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. As a group, equities analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.86%. Banc of California’s dividend payout ratio is presently 61.54%.

Hedge Funds Weigh In On Banc of California

A number of hedge funds and other institutional investors have recently modified their holdings of BANC. PL Capital Advisors LLC boosted its stake in shares of Banc of California by 1,446.0% during the fourth quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank’s stock valued at $722,823,000 after purchasing an additional 43,730,207 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Banc of California by 274.6% during the fourth quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank’s stock valued at $83,377,000 after purchasing an additional 3,953,380 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Banc of California by 2,119.0% during the fourth quarter. Millennium Management LLC now owns 2,876,914 shares of the bank’s stock valued at $44,477,000 after purchasing an additional 2,747,262 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Banc of California by 127.4% during the first quarter. Invesco Ltd. now owns 4,453,245 shares of the bank’s stock valued at $63,192,000 after purchasing an additional 2,495,043 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in shares of Banc of California by 18.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank’s stock valued at $183,649,000 after purchasing an additional 2,029,119 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Banc of California from $20.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. JPMorgan Chase & Co. reduced their price objective on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. Stephens reissued an “equal weight” rating and issued a $15.00 price objective on shares of Banc of California in a research report on Monday, April 28th. Jefferies Financial Group assumed coverage on shares of Banc of California in a research report on Wednesday, May 21st. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, Barclays reduced their price objective on shares of Banc of California from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Banc of California has a consensus rating of “Moderate Buy” and a consensus target price of $17.17.

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.