Insider Selling: Banc of California (NYSE:BANC) General Counsel Sells 10,541 Shares

Key Points

• Insider sale: Banc of California General Counsel Ido Dotan sold 10,541 shares for approximately $192,900, reducing his position by 18.74% to 45,702 shares.
• Weak quarterly results: The bank reported a quarterly loss of $1.61 per share, substantially below the $0.40 analyst consensus, while revenue fell 94% year over year to $16.41 million.
• Stock and analyst outlook: Shares recently traded at $18.54, while analysts maintained an overall “Buy” rating with an average price target of $22.62. Banc of California also declared a quarterly dividend of $0.12 per share, representing a 2.6% annualized yield.

Banc of California, Inc. (NYSE:BANC - Get Free Report) General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total value of $192,900.30. Following the completion of the sale, the general counsel owned 45,702 shares in the company, valued at approximately $836,346.60. The trade was a 18.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Banc of California Trading Up 0.7%

Shares of BANC traded up $0.14 during trading hours on Friday, reaching $18.54. 2,841,932 shares of the company traded hands, compared to its average volume of 2,921,166. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of -44.13 and a beta of 0.73. Banc of California, Inc. has a 12-month low of $15.33 and a 12-month high of $21.93. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The stock's fifty day moving average price is $19.64 and its 200 day moving average price is $19.01.

Banc of California (NYSE:BANC - Get Free Report) last posted 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 $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. The company's revenue for the quarter was down 94.0% on a year-over-year basis. Sell-side analysts forecast that Banc of California, Inc. will post 1.68 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 Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Banc of California's dividend payout ratio is currently -114.29%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wells Fargo & Company began coverage on Banc of California in a report on Monday, August 10th. They issued an "overweight" rating and a $23.00 price target for the company. Brean Capital downgraded Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Citigroup decreased their target price on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Barclays lowered their target price on Banc of California from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. Finally, Wall Street Zen downgraded 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 assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Banc of California currently has an average rating of "Buy" and an average target price of $22.62.

Institutional Trading of Banc of California

A number of hedge funds have recently bought and sold shares of BANC. Triumph Capital Management bought a new position in shares of Banc of California in the 3rd quarter worth $25,000. Navalign LLC bought a new stake in Banc of California during the fourth quarter valued at about $27,000. Western Wealth Management LLC purchased a new position in Banc of California in the first quarter valued at about $29,000. Advisory Services Network LLC purchased a new position in Banc of California in the third quarter valued at about $36,000. Finally, Orion Capital Management LLC bought a new position in Banc of California in the second quarter worth about $37,000. Hedge funds and other institutional investors own 86.88% of the company's stock.

Banc of California Company Profile

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.

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