Banc of California, Inc. (NYSE:BANC) Director Richard J. Lashley Sells 37,343 Shares

Banc of California, Inc. (NYSE:BANC) Director Richard J. Lashley sold 37,343 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $14.03, for a total value of $523,922.29. Following the completion of the transaction, the director now owns 2,317,780 shares of the company’s stock, valued at $32,518,453.40. This represents a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Banc of California Trading Down 1.1%

NYSE BANC opened at $14.13 on Thursday. The business has a 50 day simple moving average of $13.55 and a 200 day simple moving average of $14.80. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.08. The stock has a market capitalization of $2.09 billion, a P/E ratio of 25.22 and a beta of 0.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last released its earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The business had revenue of $266.01 million during the quarter, compared to analysts’ expectations of $272.36 million. During the same quarter last year, the firm posted $0.19 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. Research analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 annualized dividend and a yield of 2.83%. Banc of California’s dividend payout ratio is currently 61.54%.

Institutional Investors Weigh In On Banc of California

Several large investors have recently added to or reduced their stakes in the business. Picton Mahoney Asset Management acquired a new stake in Banc of California in the fourth quarter valued at approximately $30,000. SBI Securities Co. Ltd. acquired a new stake in Banc of California in the fourth quarter valued at approximately $36,000. Jones Financial Companies Lllp grew its stake in Banc of California by 35.1% in the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock valued at $55,000 after acquiring an additional 928 shares during the period. Smartleaf Asset Management LLC grew its stake in Banc of California by 205.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock valued at $68,000 after acquiring an additional 2,926 shares during the period. Finally, Summit Securities Group LLC acquired a new stake in Banc of California in the fourth quarter valued at approximately $97,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Robert W. Baird dropped their target price on Banc of California from $19.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Stephens reiterated an “equal weight” rating and issued a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Jefferies Financial Group assumed coverage on Banc of California in a research report on Wednesday, May 21st. They issued a “buy” rating and a $18.00 target price for the company. JPMorgan Chase & Co. lowered their price objective on Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, April 28th. Finally, Barclays lowered their price objective on Banc of California from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average 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.