Banc of California (NYSE:BANC) General Counsel Ido Dotan Sells 10,541 Shares of Stock

Banc of California, Inc. (NYSE:BANC) General Counsel Ido Dotan sold 10,541 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The stock was 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 owned 45,702 shares in the company, valued at $836,346.60. This represents a 18.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Banc of California Trading Up 0.7%

NYSE:BANC opened at $18.54 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. Banc of California, Inc. has a 12 month low of $15.33 and a 12 month high of $21.93. The company has a market cap of $2.94 billion, a PE ratio of -44.13 and a beta of 0.73. The company has a 50 day simple moving average of $19.60 and a two-hundred day simple moving average of $19.00.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). The firm had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. Banc of California’s quarterly revenue was down 94.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 earnings per share. Research analysts forecast that Banc of California, Inc. will post 1.68 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 Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Banc of California’s dividend payout ratio is currently -114.29%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BANC shares. Wells Fargo & Company initiated coverage on Banc of California in a research report on Monday, August 10th. They issued an “overweight” rating and a $23.00 target price on the stock. Brean Capital lowered shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Barclays lowered their price objective on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, August 3rd. Citigroup dropped their price objective on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Finally, Wall Street Zen lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $22.62.

Institutional Trading of Banc of California

Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Banc of California during the 2nd quarter valued at approximately $462,252,000. UBS Group AG raised its stake in Banc of California by 28.4% during the 4th quarter. UBS Group AG now owns 598,427 shares of the bank’s stock worth $11,544,000 after acquiring an additional 132,328 shares during the period. William Blair Investment Management LLC raised its stake in Banc of California by 8.8% during the 4th quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank’s stock worth $44,702,000 after acquiring an additional 187,999 shares during the period. Bridgeway Capital Management LLC lifted its holdings in Banc of California by 11.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank’s stock valued at $17,657,000 after purchasing an additional 96,372 shares in the last quarter. Finally, LSV Asset Management purchased a new position in Banc of California during the fourth quarter valued at approximately $3,740,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Company Profile

Banc of California, Inc is the holding company for Banc of California, a relationship-focused financial institution headquartered in California. The bank provides banking and financial services to businesses, entrepreneurs, professionals, individuals and families, with a focus on supporting the state’s local communities and economy.

Its offerings include commercial and industrial lending, commercial real estate financing, residential mortgage lending, consumer loans, business and personal deposit accounts, treasury management, online and mobile banking, and other cash-management services.