Key Points
- Banc of California insider Olivia Lindsay sold 6,000 shares at an average price of $19.50, generating $117,000. Her remaining stake fell 15.45% to 32,842 shares.
- The bank reported a significant quarterly miss, posting a loss of $1.61 per share versus consensus expectations for earnings of $0.40, while revenue fell 94% year over year to $164.05 million.
- Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and a $22.62 price target, though some firms recently downgraded or lowered their targets. Institutional investors own 86.88% of the stock.
Banc of California, Inc. (NYSE:BANC - Get Free Report) insider Olivia Lindsay sold 6,000 shares of the company'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 completion of the sale, the insider owned 32,842 shares of the company's stock, valued at $640,419. This represents a 15.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Banc of California Price Performance
Shares of BANC opened at $19.52 on Wednesday. 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 $14.20 and a 1 year high of $21.93. The stock has a market cap of $3.01 billion, a P/E ratio of -46.46 and a beta of 0.74. The stock's 50-day moving average price is $20.13 and its two-hundred day moving average price is $19.27.
Banc of California (NYSE:BANC - Get Free Report) 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). The company had revenue of $164.05 million for 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 quarterly revenue was down 94.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.31 earnings per share. On average, equities analysts predict that Banc of California, Inc. will post 1.68 earnings per share for the current year.
Hedge Funds Weigh In On Banc of California
Institutional investors have recently modified their holdings of the business. Triumph Capital Management grew its position in shares of Banc of California by 32.8% in the 4th quarter. Triumph Capital Management now owns 2,025 shares of the bank's stock valued at $39,000 after purchasing an additional 500 shares during the period. Crescent Grove Advisors LLC increased its stake in Banc of California by 0.5% during the 1st quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank's stock worth $1,810,000 after purchasing an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank's stock worth $39,000 after buying an additional 564 shares during the period. CIBC Asset Management Inc raised its holdings in Banc of California by 4.5% during the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank's stock worth $283,000 after buying an additional 637 shares during the period. Finally, Maryland State Retirement & Pension System raised its holdings in Banc of California by 4.2% during the 4th quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank's stock worth $379,000 after buying an additional 783 shares during the period. Institutional investors own 86.88% of the company's stock.
Wall Street Analyst Weigh In
BANC has been the subject of a number of analyst reports. Citigroup decreased their price objective on shares of Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a report on Friday. Brean Capital lowered shares of Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Weiss Ratings cut shares of Banc of California from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, June 4th. DA Davidson reissued a "buy" rating and issued a $24.00 price target on shares of Banc of California in a report on Tuesday, April 28th. Finally, Wells Fargo & Company upped their price objective on shares of Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $22.62.
View Our Latest Stock Analysis on BANC
Banc of California Company Profile
(
Get Free Report)
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.
Further Reading
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