Banc of California Inc. (NYSE:BANC) insider Jeffrey T. Seabold sold 39,919 shares of the stock in a transaction on Friday, September 30th. The shares were sold at an average price of $17.63, for a total value of $703,771.97. Following the sale, the insider now owns 241,841 shares in the company, valued at approximately $4,263,656.83. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Banc of California Inc. (NYSE:BANC) opened at 17.68 on Thursday. The stock has a market cap of $879.14 million, a price-to-earnings ratio of 11.62 and a beta of 0.75. Banc of California Inc. has a 52 week low of $12.00 and a 52 week high of $23.24. The firm’s 50 day moving average price is $20.44 and its 200-day moving average price is $19.74.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. Banc of California had a net margin of 14.65% and a return on equity of 14.90%. During the same period last year, the firm posted $0.32 earnings per share. Analysts expect that Banc of California Inc. will post $1.64 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend was Tuesday, September 13th. Banc of California’s dividend payout ratio is 32.65%.
BANC has been the topic of a number of analyst reports. Zacks Investment Research upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 25th. FIG Partners cut Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. Finally, FBR & Co reissued a “hold” rating on shares of Banc of California in a research note on Thursday, September 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $21.00.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BANC. Walleye Trading LLC purchased a new position in Banc of California during the second quarter worth $102,000. Teacher Retirement System of Texas raised its position in Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock worth $106,000 after buying an additional 1,908 shares in the last quarter. PineBridge Investments L.P. purchased a new position in Banc of California during the second quarter worth $113,000. Legal & General Group Plc raised its position in Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock worth $116,000 after buying an additional 1,012 shares in the last quarter. Finally, Mason Street Advisors LLC purchased a new position in Banc of California during the second quarter worth $174,000. 87.96% of the stock is owned by hedge funds and other institutional investors.
Banc of California Company Profile
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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