Banc of California (NYSE:BANC) Insider Hamid Hussain Sells 20,000 Shares

Key Points

• Hamid Hussain, an insider at Banc of California, sold 20,000 shares at an average price of $16.59, reducing his holdings by 23.14% to 66,444 shares.
• Banc of California announced a quarterly dividend of $0.10 per share, with an ex-dividend date set for September 15th, representing an annual yield of 2.4%.
• Equities analysts have given Banc of California a consensus rating of "Moderate Buy" with an average target price of $17.33, with multiple firms recently raising their price targets for the stock.

Banc of California, Inc. (NYSE:BANC - Get Free Report) insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total value of $331,800.00. Following the completion of the transaction, the insider owned 66,444 shares of the company's stock, valued at approximately $1,102,305.96. This represents a 23.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Banc of California Trading Up 0.4%

BANC traded up $0.08 during trading hours on Wednesday, reaching $16.79. The company's stock had a trading volume of 1,609,091 shares, compared to its average volume of 2,368,540. The stock has a market cap of $2.48 billion, a PE ratio of 25.82 and a beta of 0.71. Banc of California, Inc. has a fifty-two week low of $11.52 and a fifty-two week high of $18.08. The business's 50-day moving average is $15.12 and its 200-day moving average is $14.29. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.90 and a quick ratio of 0.88.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.03. The business had revenue of $272.85 million during the quarter, compared to the consensus estimate of $278.43 million. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. The company's revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.12 EPS. As a group, equities research analysts predict that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, September 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.4%. Banc of California's dividend payout ratio (DPR) is 61.54%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BANC. GAMMA Investing LLC grew its position in shares of Banc of California by 22.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,201 shares of the bank's stock valued at $59,000 after acquiring an additional 762 shares during the period. CWM LLC lifted its stake in shares of Banc of California by 41.7% in the first quarter. CWM LLC now owns 8,049 shares of the bank's stock worth $114,000 after buying an additional 2,367 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Banc of California in the first quarter worth about $123,000. Xponance Inc. bought a new position in Banc of California in the first quarter worth approximately $148,000. Finally, Quantinno Capital Management LP purchased a new position in shares of Banc of California in the fourth quarter valued at about $156,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on Banc of California from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Wells Fargo & Company raised their price target on shares of Banc of California from $16.00 to $18.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $18.00 price target (up previously from $17.00) on shares of Banc of California in a research report on Friday, July 25th. Jefferies Financial Group started coverage on shares of Banc of California in a report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Banc of California from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Banc of California has a consensus rating of "Moderate Buy" and an average target price of $17.33.

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.

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