Banc of California, Inc. (NYSE:BANC) Director Sells $532,500.00 in Stock

Banc of California, Inc. (NYSE:BANC - Get Free Report) Director Richard J. Lashley sold 37,500 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total value of $532,500.00. Following the sale, the director now directly owns 2,280,280 shares of the company's stock, valued at approximately $32,379,976. This represents a 1.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Banc of California Stock Performance

Banc of California stock traded down $0.44 during trading hours on Friday, reaching $13.62. 1,338,251 shares of the company were exchanged, compared to its average volume of 2,290,558. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 24.32 and a beta of 0.67. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average of $13.62 and a 200 day moving average of $14.75. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The firm had revenue of $266.01 million during the quarter, compared to analysts' expectations of $272.36 million. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. The company's revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.19 earnings per share. As a group, research analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.94%. Banc of California's payout ratio is currently 61.54%.

Institutional Investors Weigh In On Banc of California

Large investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc boosted its position in shares of Banc of California by 4.8% in the fourth quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank's stock valued at $233,000 after acquiring an additional 683 shares during the period. Jones Financial Companies Lllp boosted its position in shares of 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. Bank of Montreal Can boosted its position in shares of Banc of California by 6.8% in the fourth quarter. Bank of Montreal Can now owns 16,341 shares of the bank's stock valued at $253,000 after acquiring an additional 1,038 shares during the period. Illinois Municipal Retirement Fund boosted its position in shares of Banc of California by 1.5% in the first quarter. Illinois Municipal Retirement Fund now owns 75,563 shares of the bank's stock valued at $1,072,000 after acquiring an additional 1,100 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of Banc of California by 11.1% in the first quarter. Cetera Investment Advisers now owns 12,802 shares of the bank's stock valued at $182,000 after acquiring an additional 1,276 shares during the period. Institutional investors own 86.88% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BANC. Barclays reduced their price objective on Banc of California from $19.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Stephens reissued an "equal weight" rating and issued a $15.00 price objective on shares of Banc of California in a research note on Monday, April 28th. Wells Fargo & Company reduced their price objective on Banc of California from $20.00 to $16.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Robert W. Baird reduced their price objective on Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Finally, Jefferies Financial Group began coverage on Banc of California in a research note on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price objective for the company. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $17.17.

Banc of California Company Profile

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.