Insider Selling: Banc of California Inc. (BANC) Insider Sells 39,919 Shares of Stock
Banc of California Inc. (NYSE:BANC) insider Jeffrey T. Seabold sold 39,919 shares of Banc of California stock in a transaction that occurred on Friday, September 30th. The stock was sold at an average price of $17.63, for a total value of $703,771.97. Following the transaction, the insider now owns 241,841 shares of the company’s stock, valued at $4,263,656.83. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Banc of California Inc. (NYSE:BANC) opened at 17.56 on Wednesday. The firm has a 50-day moving average price of $20.59 and a 200 day moving average price of $19.76. Banc of California Inc. has a one year low of $12.00 and a one year high of $23.24. The firm has a market capitalization of $873.17 million, a P/E ratio of 11.54 and a beta of 0.75.
Banc of California (NYSE:BANC) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same period in the previous year, the firm earned $0.32 earnings per share. Equities research analysts anticipate that Banc of California Inc. will post $1.64 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Tuesday, September 13th. Banc of California’s dividend payout ratio (DPR) is presently 32.65%.
Several research analysts recently issued reports on BANC shares. FBR & Co restated a “hold” rating on shares of Banc of California in a research report on Thursday, September 22nd. Zacks Investment Research downgraded Banc of California from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Finally, FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $21.00.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Fund Advisors boosted its position in Banc of California by 198.2% in the first quarter. BlackRock Fund Advisors now owns 2,827,696 shares of the company’s stock valued at $49,485,000 after buying an additional 1,879,284 shares during the period. Pinnacle Holdings LLC boosted its position in Banc of California by 2.5% in the first quarter. Pinnacle Holdings LLC now owns 172,059 shares of the company’s stock valued at $3,011,000 after buying an additional 4,216 shares during the period. UBS Group AG boosted its position in Banc of California by 8.5% in the first quarter. UBS Group AG now owns 257,936 shares of the company’s stock valued at $4,514,000 after buying an additional 20,286 shares during the period. Swiss National Bank boosted its position in Banc of California by 12.8% in the second quarter. Swiss National Bank now owns 68,800 shares of the company’s stock valued at $1,245,000 after buying an additional 7,800 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its position in Banc of California by 310.4% in the second quarter. Oppenheimer & Co. Inc. now owns 168,675 shares of the company’s stock valued at $3,053,000 after buying an additional 127,575 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.
About Banc of California
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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