Banc of California (NYSE:BANC) Shares Down 2.5%

Shares of Banc of California, Inc. (NYSE:BANC) fell 2.5% during mid-day trading on Wednesday . The stock traded as low as $14.29 and last traded at $14.32. 208,266 shares changed hands during trading, a decline of 91% from the average session volume of 2,312,984 shares. The stock had previously closed at $14.69.

Wall Street Analyst Weigh In

Several analysts have weighed in on BANC shares. Raymond James raised shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research note on Tuesday. Barclays dropped their price target on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 24th. Wedbush reissued a “neutral” rating and issued a $14.00 price objective on shares of Banc of California in a research note on Wednesday, July 24th. Stephens reaffirmed an “equal weight” rating and issued a $14.00 price target on shares of Banc of California in a report on Wednesday, September 4th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.72.

Banc of California Stock Down 2.6 %

The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -4.41 and a beta of 1.13. The firm has a 50 day simple moving average of $13.79 and a two-hundred day simple moving average of $13.89. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The company had revenue of $492.38 million during the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period in the previous year, the company posted $0.32 earnings per share. As a group, sell-side analysts expect that Banc of California, Inc. will post 0.61 EPS for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend is Monday, September 16th. Banc of California’s payout ratio is -12.01%.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Institutional investors and hedge funds have recently made changes to their positions in the stock. Riverview Trust Co bought a new stake in Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC bought a new position in Banc of California during the first quarter worth about $30,000. Fifth Third Bancorp increased its position in Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after buying an additional 1,273 shares during the last quarter. LifeSteps Financial Inc. bought a new stake in Banc of California in the first quarter valued at approximately $60,000. Finally, Mendon Capital Advisors Corp acquired a new stake in shares of Banc of California in the second quarter valued at approximately $102,000. Institutional investors own 86.88% of the company’s stock.

About Banc of California

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.