Banc of California (NYSE:BANC) Insider Sells $117,000.00 in Stock

Banc of California, Inc. (NYSE:BANC) insider Olivia Lindsay sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the sale, the insider owned 32,842 shares in the company, valued at $640,419. This represents a 15.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Banc of California Trading Down 1.9%

NYSE BANC opened at $18.98 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. Banc of California, Inc. has a twelve month low of $14.31 and a twelve month high of $21.93. The company has a market cap of $2.93 billion, a price-to-earnings ratio of -45.20 and a beta of 0.74. The business’s fifty day moving average is $20.14 and its 200 day moving average is $19.25.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). The firm had revenue of $164.05 million during the quarter, compared to analyst estimates of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.Banc of California’s revenue for the quarter was down 94.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 EPS. As a group, sell-side analysts expect that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BANC has been the topic of several analyst reports. Citigroup reduced their price objective on shares of Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. Barclays reduced their price target on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. increased their price target on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Finally, DA Davidson restated a “buy” rating and set a $24.00 price objective on shares of Banc of California in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.62.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Triumph Capital Management bought a new stake in Banc of California in the 3rd quarter worth about $25,000. Navalign LLC bought a new position in shares of Banc of California during the 4th quarter worth approximately $27,000. Western Wealth Management LLC purchased a new position in shares of Banc of California in the 1st quarter worth approximately $29,000. Orion Capital Management LLC purchased a new position in shares of Banc of California in the 4th quarter worth approximately $35,000. Finally, Advisory Services Network LLC bought a new position in shares of Banc of California in the third quarter valued at approximately $36,000. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.