Banc of California Inc. (NYSE:BANC) insider Jeffrey T. Seabold sold 39,919 shares of the firm’s stock in a transaction that occurred on Friday, September 30th. The shares were sold at an average price of $17.63, for a total transaction of $703,771.97. Following the completion of the transaction, the insider now directly owns 241,841 shares in the company, valued at $4,263,656.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of Banc of California Inc. (NYSE:BANC) opened at 17.70 on Monday. The firm has a market capitalization of $880.13 million, a price-to-earnings ratio of 11.63 and a beta of 0.76. Banc of California Inc. has a 12-month low of $12.00 and a 12-month high of $23.24. The firm has a 50-day moving average of $20.21 and a 200 day moving average of $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, topping the Zacks’ 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 quarter in the previous year, the business posted $0.32 earnings per share. On average, equities research analysts expect that Banc of California Inc. will post $1.64 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors 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 was Tuesday, September 13th. Banc of California’s dividend payout ratio is 32.65%.
Several equities research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Monday, July 25th. FBR & Co reiterated a “hold” rating on shares of Banc of California in a report on Thursday, September 22nd. Finally, FIG Partners lowered shares of Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $21.00.
A number of institutional investors have recently added to or reduced their stakes in BANC. Texas Permanent School Fund bought a new position in Banc of California during the first quarter worth about $627,000. Virginia Retirement System bought a new position in Banc of California during the first quarter worth about $1,328,000. Prudential Financial Inc. boosted its position in Banc of California by 34.1% in the first quarter. Prudential Financial Inc. now owns 462,069 shares of the company’s stock worth $8,086,000 after buying an additional 117,500 shares in the last quarter. BlackRock Fund Advisors boosted its position in Banc of California by 198.2% in the first quarter. BlackRock Fund Advisors now owns 2,827,696 shares of the company’s stock worth $49,485,000 after buying an additional 1,879,284 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Banc of California by 20.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 919,423 shares of the company’s stock worth $16,090,000 after buying an additional 157,612 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.
About Banc of California
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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