Olivia Lindsay Sells 6,000 Shares of Banc of California (NYSE:BANC) Stock

Banc of California, Inc. (NYSE:BANC) insider Olivia Lindsay sold 6,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares in the company, valued at $640,419. This trade represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Banc of California Stock Performance

BANC traded up $0.28 during midday trading on Tuesday, hitting $19.52. 3,663,274 shares of the company traded hands, compared to its average volume of 3,649,422. The company’s 50-day moving average is $20.13 and its 200 day moving average is $19.27. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $3.01 billion, a PE ratio of -46.46 and a beta of 0.74. Banc of California, Inc. has a 52 week low of $14.20 and a 52 week high of $21.93.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company had revenue of $164.05 million during the quarter, compared to the consensus estimate of $295.32 million. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The business’s revenue was down 94.0% compared to the same quarter last year. On average, research analysts expect that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. Banc of California’s payout ratio is currently -114.29%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BANC shares. Wells Fargo & Company raised their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Barclays lowered their target price on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Monday. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Brean Capital lowered shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Finally, Piper Sandler raised their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.62.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Navalign LLC purchased a new stake in Banc of California in the 4th quarter worth approximately $27,000. Triumph Capital Management bought a new position in shares of Banc of California in the third quarter worth approximately $25,000. Western Wealth Management LLC bought a new position in shares of Banc of California in the first quarter worth approximately $29,000. Orion Capital Management LLC purchased a new stake in shares of Banc of California in the fourth quarter worth $35,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Banc of California by 38.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after purchasing an additional 564 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors.

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.