Banc of California (NYSE:BANC) Share Price Crosses Above 50-Day Moving Average – Should You Sell?

Banc of California, Inc. (NYSE:BANC) shares passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $17.97 and traded as high as $18.33. Banc of California shares last traded at $17.9850, with a volume of 1,427,686 shares.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BANC. Citigroup reduced their price target on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Wells Fargo & Company decreased their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. Wall Street Zen raised Banc of California from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 27th. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Finally, Piper Sandler lowered their price objective on Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 1st. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Banc of California currently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

Banc of California Trading Up 0.1%

The company has a debt-to-equity ratio of 0.20, a current ratio of 0.87 and a quick ratio of 0.85. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of -52.90 and a beta of 0.74. The business has a 50 day simple moving average of $17.97 and a 200-day simple moving average of $18.90.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, October 27th. The bank reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. The company had revenue of $303.07 million for the quarter, compared to analysts’ expectations of $306.27 million. During the same quarter last year, the company earned $0.38 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year. As a group, equities analysts expect that Banc of California, Inc. will post 1.70 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, December 15th. Banc of California’s dividend payout ratio is currently -141.18%.

Insider Activity at Banc of California

In other Banc of California news, General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total transaction of $192,900.30. Following the completion of the sale, the general counsel directly owned 45,702 shares of the company’s stock, valued at $836,346.60. This trade represents a 18.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jared Wolff purchased 5,487 shares of the firm’s stock in a transaction on Friday, October 30th. The shares were acquired at an average cost of $18.18 per share, with a total value of $99,753.66. Following the completion of the acquisition, the chief executive officer directly owned 333,456 shares in the company, valued at $6,062,230.08. The trade was a 1.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Banc of California

Institutional investors have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Banc of California in the 3rd quarter worth approximately $28,000. Western Wealth Management LLC bought a new position in Banc of California during the first quarter valued at about $29,000. Orion Capital Management LLC acquired a new position in shares of Banc of California in the 2nd quarter valued at approximately $37,000. Fulcrum Asset Management LLP acquired a new stake in Banc of California during the 3rd quarter valued at approximately $34,000. Finally, Covestor Ltd raised its position in Banc of California by 90.3% in the 3rd quarter. Covestor Ltd now owns 2,970 shares of the bank’s stock worth $51,000 after purchasing an additional 1,409 shares during the period. Hedge funds and other institutional investors own 86.88% of the company’s stock.

About Banc of California

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.