Banc of California, Inc. (NYSE:BANC) Director Sells $1,050,000.00 in Stock

Banc of California, Inc. (NYSE:BANC) Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Banc of California Stock Performance

Shares of BANC stock opened at $13.82 on Friday. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of -4.15 and a beta of 1.14. Banc of California, Inc. has a 1-year low of $9.96 and a 1-year high of $15.54. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $13.65 and its 200-day simple moving average is $13.92.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The company had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. During the same quarter in the previous year, the company earned $0.32 EPS. On average, sell-side analysts predict that Banc of California, Inc. will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, September 16th. Banc of California’s dividend payout ratio (DPR) is presently -12.01%.

Institutional Investors Weigh In On Banc of California

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Banc of California by 49.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after buying an additional 1,615,478 shares during the last quarter. PL Capital Advisors LLC boosted its stake in shares of Banc of California by 0.7% during the 1st quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock worth $49,040,000 after acquiring an additional 22,500 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Banc of California by 25.9% during the 2nd quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock valued at $41,182,000 after acquiring an additional 663,061 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after acquiring an additional 1,791,992 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BANC shares. Keefe, Bruyette & Woods lowered their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. Truist Financial increased their target price on shares of Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Piper Sandler reduced their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. DA Davidson cut their target price on Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Finally, Wells Fargo & Company decreased 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 Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.69.

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.