Banc of California, Inc. (NYSE:BANC) Director Richard J. Lashley Sells 75,000 Shares

Banc of California, Inc. (NYSE:BANC) Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Banc of California Price Performance

Shares of BANC opened at $13.82 on Friday. Banc of California, Inc. has a 52 week low of $9.96 and a 52 week high of $15.54. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of -4.15 and a beta of 1.14. The stock has a 50 day moving average of $13.65 and a 200-day moving average of $13.92.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same period last year, the company posted $0.32 earnings per share. As a group, analysts forecast that Banc of California, Inc. will post 0.61 EPS for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.89%. Banc of California’s dividend payout ratio is currently -12.01%.

Analyst Ratings Changes

A number of research firms have weighed in on BANC. DA Davidson decreased their price objective on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Barclays reduced their price target on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 24th. Wedbush restated a “neutral” rating and set a $14.00 price objective on shares of Banc of California in a report on Wednesday, July 24th. Truist Financial upped their target price on Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler decreased their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $15.69.

Hedge Funds Weigh In On Banc of California

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Banc of California by 17.6% during the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares during the period. Basswood Capital Management L.L.C. bought a new stake in Banc of California in the 4th quarter valued at about $3,374,000. Carmignac Gestion acquired a new position in Banc of California during the 4th quarter valued at about $2,152,000. Sei Investments Co. grew its position in Banc of California by 86.0% in the 1st quarter. Sei Investments Co. now owns 506,202 shares of the bank’s stock worth $7,699,000 after purchasing an additional 234,021 shares during the last quarter. Finally, Swiss National Bank raised its holdings in shares of Banc of California by 156.8% during the fourth quarter. Swiss National Bank now owns 295,114 shares of the bank’s stock valued at $3,963,000 after buying an additional 180,214 shares during the last quarter. 86.88% of the stock is owned by 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.