Banc of California, Inc. (NYSE:BANC) Insider Sells $149,380.00 in Stock

Banc of California, Inc. (NYSE:BANC - Get Free Report) insider Olivia I. Lindsay sold 11,000 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total transaction of $149,380.00. Following the transaction, the insider now directly owns 30,902 shares in the company, valued at approximately $419,649.16. The trade was a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Banc of California Stock Performance

BANC stock traded up $0.33 during trading on Friday, hitting $14.00. 1,293,323 shares of the company's stock traded hands, compared to its average volume of 2,284,906. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 52 week low of $11.52 and a 52 week high of $18.08. The stock has a fifty day moving average price of $13.49 and a two-hundred day moving average price of $14.85. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 25.00 and a beta of 0.67.

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

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 annualized dividend and a yield of 2.86%. Banc of California's dividend payout ratio is presently 61.54%.

Wall Street Analyst Weigh In

BANC has been the topic of several recent analyst reports. Stephens reaffirmed an "equal weight" rating and issued a $15.00 price target on shares of Banc of California in a report on Monday, April 28th. Jefferies Financial Group initiated coverage on shares of Banc of California in a report on Wednesday, May 21st. They issued a "buy" rating and a $18.00 price target on the stock. Barclays cut their price target on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Robert W. Baird cut their price target on shares of Banc of California from $19.00 to $17.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. cut their price target on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.17.

Institutional Trading of Banc of California

Several hedge funds have recently bought and sold shares of the company. PL Capital Advisors LLC lifted its position in Banc of California by 1,446.0% in the 4th quarter. PL Capital Advisors LLC now owns 46,754,426 shares of the bank's stock valued at $722,823,000 after purchasing an additional 43,730,207 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Banc of California by 18.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank's stock valued at $183,649,000 after purchasing an additional 2,029,119 shares during the last quarter. Vanguard Group Inc. lifted its position in Banc of California by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 9,575,301 shares of the bank's stock valued at $135,874,000 after purchasing an additional 50,452 shares during the last quarter. Wellington Management Group LLP lifted its position in Banc of California by 16.5% in the 1st quarter. Wellington Management Group LLP now owns 6,280,573 shares of the bank's stock valued at $89,121,000 after purchasing an additional 887,497 shares during the last quarter. Finally, Centerbridge Partners L.P. lifted its position in Banc of California by 18.7% in the 1st quarter. Centerbridge Partners L.P. now owns 4,771,784 shares of the bank's stock valued at $67,712,000 after purchasing an additional 752,239 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

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.