Key Points
- General Counsel Ido Dotan sold 10,541 Banc of California shares at an average price of $18.30, generating $192,900.30. His remaining stake fell 18.74% to 45,702 shares.
- Banc of California reported a significant quarterly loss, with EPS of negative $1.61 versus analyst expectations of $0.40, while revenue plunged 94% year over year to $16.41 million.
- The company declared a quarterly dividend of $0.12 per share, equivalent to $0.48 annually and a 2.6% yield. Analysts maintain a consensus “Buy” rating with a $22.62 price target, despite mixed recent rating changes.
Banc of California, Inc. (NYSE:BANC - Get Free Report) General Counsel Ido Dotan sold 10,541 shares of the company's stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $18.30, for a total transaction of $192,900.30. Following the completion of the transaction, the general counsel directly owned 45,702 shares of the company's stock, valued at $836,346.60. This represents a 18.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.
Banc of California Price Performance
NYSE:BANC opened at $18.54 on Friday. The business's 50-day simple moving average is $19.60 and its two-hundred day simple moving average is $19.00. Banc of California, Inc. has a 52 week low of $15.33 and a 52 week high of $21.93. The stock has a market cap of $2.94 billion, a PE ratio of -44.13 and a beta of 0.73. 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 (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $16.41 million during the quarter, compared to the consensus estimate of $295.32 million. During the same period last year, the company earned $0.31 EPS. The business's revenue was down 94.0% on a year-over-year basis. As a group, analysts forecast that Banc of California, Inc. will post 1.68 EPS for the current fiscal year.
Banc of California Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Banc of California's payout ratio is currently -114.29%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Triumph Capital Management purchased a new position in shares of Banc of California in the third quarter valued at $25,000. Navalign LLC purchased a new stake in Banc of California during the fourth quarter valued at $27,000. Western Wealth Management LLC bought a new position in Banc of California during the first quarter valued at $29,000. Advisory Services Network LLC bought a new position in Banc of California during the third quarter valued at $36,000. Finally, Orion Capital Management LLC purchased a new position in shares of Banc of California in the 2nd quarter worth $37,000. 86.88% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on BANC. Wells Fargo & Company assumed coverage on shares of Banc of California in a report on Monday, August 10th. They set an "overweight" rating and a $23.00 price objective for the company. Wall Street Zen downgraded shares of Banc of California from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Brean Capital lowered shares of Banc of California from a "buy" rating to a "neutral" rating in a research 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 note on Friday, August 21st. Finally, Barclays reduced their price target on shares of Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Banc of California currently has a consensus rating of "Buy" and a consensus price target of $22.62.
Get Our Latest Research Report on BANC
About Banc of California
(
Get Free Report)
Banc of California, Inc is the holding company for Banc of California, a relationship-focused financial institution headquartered in California. The bank provides banking and financial services to businesses, entrepreneurs, professionals, individuals and families, with a focus on supporting the state's local communities and economy.
Its offerings include commercial and industrial lending, commercial real estate financing, residential mortgage lending, consumer loans, business and personal deposit accounts, treasury management, online and mobile banking, and other cash-management services.
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