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

Banc of California, Inc. (NYSE:BANC) insider Olivia Lindsay sold 6,000 shares of Banc of California 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 completion of the transaction, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Banc of California Stock Up 1.4%

Shares of NYSE BANC opened at $19.52 on Wednesday. Banc of California, Inc. has a 12-month low of $14.20 and a 12-month high of $21.93. The firm’s 50-day simple moving average is $20.13 and its 200 day simple moving average is $19.27. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The company has a market cap of $3.01 billion, a price-to-earnings ratio of -46.46 and a beta of 0.74.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). The company had revenue of $164.05 million during the quarter, compared to analyst estimates of $295.32 million. Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The company’s revenue was down 94.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 EPS. On average, research analysts expect that Banc of California, Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays lowered their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Monday. JPMorgan Chase & Co. upped their price objective on Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. DA Davidson reiterated a “buy” rating and issued a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. Brean Capital cut Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Finally, Wells Fargo & Company lifted their target price on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. One 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.62.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Banc of California by 4.6% in the fourth quarter. Vanguard Group Inc. now owns 9,951,795 shares of the bank’s stock valued at $191,970,000 after buying an additional 438,320 shares during the period. Bridgeway Capital Management LLC boosted its stake in Banc of California by 11.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank’s stock valued at $17,657,000 after acquiring an additional 96,372 shares during the last quarter. UBS Group AG grew its holdings in Banc of California by 28.4% during the 4th quarter. UBS Group AG now owns 598,427 shares of the bank’s stock worth $11,544,000 after acquiring an additional 132,328 shares during the period. William Blair Investment Management LLC grew its holdings in Banc of California by 8.8% during the 4th quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank’s stock worth $44,702,000 after acquiring an additional 187,999 shares during the period. Finally, LSV Asset Management bought a new stake in shares of Banc of California during the 4th quarter valued at $3,740,000. Institutional investors own 86.88% of the company’s stock.

About Banc of California

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.