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

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

Banc of California Trading Down 0.8%

NYSE:BANC opened at $19.37 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. Banc of California, Inc. has a 1-year low of $14.31 and a 1-year high of $21.93. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of -46.12 and a beta of 0.74. The business’s 50-day moving average price is $20.13 and its two-hundred day moving average price is $19.26.

Banc of California (NYSE:BANC) last posted its earnings results on Wednesday, July 29th. The bank reported ($1.61) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $164.05 million for the quarter, compared to analyst estimates of $295.32 million. During the same quarter in the previous year, the firm 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 expect that Banc of California, Inc. will post 1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Navalign LLC bought a new position in shares of Banc of California in the fourth quarter valued at $27,000. Triumph Capital Management bought a new stake in Banc of California during the third quarter worth $25,000. Western Wealth Management LLC acquired a new stake in Banc of California in the first quarter valued at $29,000. Orion Capital Management LLC acquired a new stake in Banc of California in the fourth quarter valued at $35,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Banc of California by 38.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after acquiring an additional 564 shares during the period. Institutional investors own 86.88% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on BANC. Brean Capital lowered Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Citigroup lowered their target price on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Weiss Ratings lowered shares of Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, June 4th. DA Davidson reaffirmed a “buy” rating and issued a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Finally, JPMorgan Chase & Co. increased their price objective 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. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $22.62.

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.