Banc of California (NYSE:BANC) General Counsel Sells $192,900.30 in Stock

Banc of California, Inc. (NYSE:BANC) General Counsel Ido Dotan sold 10,541 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total transaction of $192,900.30. Following the transaction, the general counsel owned 45,702 shares of the company’s stock, valued at approximately $836,346.60. This trade represents a 18.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Banc of California Stock Up 0.7%

NYSE:BANC traded up $0.14 during midday trading on Friday, reaching $18.54. 2,841,932 shares of the stock traded hands, compared to its average volume of 2,921,166. The stock has a market capitalization of $2.94 billion, a PE ratio of -44.13 and a beta of 0.73. Banc of California, Inc. has a 12-month low of $15.33 and a 12-month high of $21.93. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The business has a 50-day moving average of $19.64 and a two-hundred day moving average of $19.01.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm had revenue of $16.41 million during the quarter, compared to analysts’ expectations of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.Banc of California’s revenue for the quarter was down 94.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 earnings per share. On average, equities analysts forecast that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. Banc of California’s dividend payout ratio (DPR) is presently -114.29%.

Institutional Trading of Banc of California

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BANC. Engineers Gate Manager LP increased its holdings in shares of Banc of California by 8.8% in the second quarter. Engineers Gate Manager LP now owns 232,431 shares of the bank’s stock valued at $4,749,000 after purchasing an additional 18,862 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Banc of California during the second quarter worth about $70,000. Squarepoint Ops LLC lifted its holdings in shares of Banc of California by 417.1% during the second quarter. Squarepoint Ops LLC now owns 323,256 shares of the bank’s stock worth $6,604,000 after purchasing an additional 260,741 shares during the period. Arizona State Retirement System boosted its position in Banc of California by 14.4% in the second quarter. Arizona State Retirement System now owns 40,310 shares of the bank’s stock valued at $824,000 after buying an additional 5,078 shares during the last quarter. Finally, Nykredit A S purchased a new stake in Banc of California in the second quarter valued at approximately $61,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BANC shares. Citigroup reduced their target price on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Barclays dropped their price target on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Wall Street Zen downgraded shares of Banc of California from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings lowered shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $22.62.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.