Banc of California (NYSE:BANC) Stock Price Down 6.2% - Here's What Happened

Key Points

• Banc of California's stock price fell by 6.2% to $15.83, with trading volume down 44% compared to the average daily volume.
• Recent analyst upgrades included JPMorgan Chase raising the target price to $20.00 and Barclays increasing it to $21.00, with an overall average target price of $18.70.
• The company announced a quarterly dividend of $0.10 per share, resulting in a dividend yield of 2.5% and a payout ratio of 61.54%.

Shares of Banc of California, Inc. (NYSE:BANC - Get Free Report) dropped 6.2% during trading on Thursday . The company traded as low as $15.63 and last traded at $15.83. Approximately 1,400,968 shares changed hands during trading, a decline of 44% from the average daily volume of 2,501,236 shares. The stock had previously closed at $16.87.

Analyst Ratings Changes

BANC has been the topic of a number of recent research reports. JPMorgan Chase & Co. upgraded shares of Banc of California from a "neutral" rating to an "overweight" rating and upped their price target for the company from $17.00 to $20.00 in a research note on Wednesday, October 1st. Barclays upped their price target on shares of Banc of California from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, October 8th. Raymond James Financial upgraded shares of Banc of California from an "outperform" rating to a "strong-buy" rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $18.00 price target (up from $17.00) on shares of Banc of California in a research note on Friday, July 25th. Finally, Wells Fargo & Company upped their price target on shares of Banc of California from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.70.

Banc of California Stock Down 6.3%

The stock's fifty day moving average price is $16.49 and its 200 day moving average price is $14.81. The stock has a market cap of $2.34 billion, a P/E ratio of 24.33 and a beta of 0.68. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings results on Monday, May 13th. The bank reported $1.03 EPS for the quarter. The firm had revenue of $315.66 million for the quarter. Banc of California had a net margin of 8.30% and a return on equity of 7.37%. As a group, research analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. Banc of California's dividend payout ratio (DPR) is currently 61.54%.

Insider Buying and Selling

In related news, insider Hamid Hussain sold 20,000 shares of Banc of California stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $16.59, for a total value of $331,800.00. Following the transaction, the insider owned 66,444 shares in the company, valued at $1,102,305.96. This trade represents a 23.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Banc of California

Several institutional investors have recently bought and sold shares of BANC. GAMMA Investing LLC boosted its holdings in 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. Osaic Holdings Inc. boosted its holdings in Banc of California by 210.8% during the 2nd quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock valued at $82,000 after acquiring an additional 3,940 shares during the period. CWM LLC boosted its holdings in Banc of California by 41.7% during the 1st quarter. CWM LLC now owns 8,049 shares of the bank's stock valued at $114,000 after acquiring an additional 2,367 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Banc of California in the 1st quarter worth $123,000. Finally, Xponance Inc. bought a new stake in Banc of California in the 1st quarter worth $148,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

About Banc of California

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.