Ido Dotan Sells 10,541 Shares of Banc of California (NYSE:BANC) Stock

Banc of California, Inc. (NYSE:BANC) General Counsel Ido Dotan sold 10,541 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $18.30, for a total value of $192,900.30. Following the sale, the general counsel directly owned 45,702 shares in the company, valued at $836,346.60. This trade represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Banc of California Price Performance

NYSE BANC opened at $18.54 on Friday. Banc of California, Inc. has a one year low of $15.33 and a one year high of $21.93. The stock has a 50-day moving average of $19.60 and a 200 day moving average of $19.00. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of -44.13 and a beta of 0.73.

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 negative net margin of 1.44% and a positive return on equity of 7.98%. The company had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. During the same quarter in the prior year, the company posted $0.31 EPS. Banc of California’s revenue was down 94.0% on a year-over-year basis. On average, sell-side analysts forecast that Banc of California, Inc. will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. Banc of California’s dividend payout ratio is -114.29%.

Institutional Trading of Banc of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Navalign LLC bought a new stake in shares of Banc of California during the 4th quarter valued at $27,000. Triumph Capital Management bought a new position in Banc of California in the 3rd quarter worth $25,000. Western Wealth Management LLC bought a new position in Banc of California in the 1st quarter worth $29,000. Orion Capital Management LLC purchased a new position in Banc of California during the second quarter valued at $37,000. Finally, EverSource Wealth Advisors LLC lifted its position in Banc of California by 38.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock valued at $39,000 after purchasing an additional 564 shares in the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BANC. Wall Street Zen downgraded shares of Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. 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 report on Wednesday, July 1st. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a research note on Thursday, July 30th. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Finally, Citigroup reduced their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $22.62.

About Banc of California

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.