Olivia Lindsay Sells 6,000 Shares of Banc of California (NYSE:BANC) Stock

Key Points

• Insider sale: Olivia Lindsay sold 6,000 Banc of California shares for $117,000, reducing her holdings by 15.45% to 32,842 shares.
• Weak quarterly results: The bank reported a $1.61 loss per share, versus analyst expectations of $0.40 in earnings, while revenue fell 94% year over year to $164.05 million.
• Stock and outlook: Shares rose 1.4% to $19.52, while analysts maintained a “Moderate Buy” consensus with an average price target of $22.62. The company also pays a quarterly dividend of $0.12, yielding about 2.5%.

Banc of California, Inc. (NYSE:BANC - Get Free Report) insider Olivia Lindsay sold 6,000 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total value of $117,000.00. Following the transaction, the insider owned 32,842 shares in the company, valued at approximately $640,419. This represents a 15.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Banc of California Trading Up 1.4%

BANC traded up $0.28 during midday trading on Tuesday, reaching $19.52. 3,663,274 shares of the company's stock traded hands, compared to its average volume of 3,649,422. Banc of California, Inc. has a 52 week low of $14.20 and a 52 week high of $21.93. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.89 and a quick ratio of 0.86. The firm has a fifty day moving average of $20.13 and a two-hundred day moving average of $19.27. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -46.46 and a beta of 0.74.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share 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 business had revenue of $164.05 million during the quarter, compared to the consensus estimate of $295.32 million. During the same quarter in the prior year, the business posted $0.31 earnings per share. Banc of California's quarterly revenue was down 94.0% compared to the same quarter last year. On average, equities analysts anticipate that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a $0.12 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 2.5%. Banc of California's payout ratio is -114.29%.

Institutional Trading of Banc of California

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Triumph Capital Management purchased a new stake in shares of Banc of California in the third quarter worth $25,000. Navalign LLC purchased a new position in Banc of California in the fourth quarter worth about $27,000. Western Wealth Management LLC bought a new position in shares of Banc of California in the first quarter worth approximately $29,000. Orion Capital Management LLC purchased a new stake in shares of Banc of California during the fourth quarter valued at approximately $35,000. Finally, Advisory Services Network LLC bought a new stake in shares of Banc of California during the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 86.88% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Banc of California from $22.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Weiss Ratings cut Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. Wells Fargo & Company increased their target price on Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. DA Davidson restated a "buy" rating and set a $24.00 price target on shares of Banc of California in a research report on Tuesday, April 28th. Finally, Brean Capital cut Banc of California from a "buy" rating to a "neutral" rating in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $22.62.

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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