Banc of California Inc (NYSE:BANC) – Equities research analysts at DA Davidson reduced their Q1 2019 earnings estimates for shares of Banc of California in a research note issued to investors on Thursday, October 25th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $0.24 per share for the quarter, down from their previous forecast of $0.25. DA Davidson also issued estimates for Banc of California’s Q3 2019 earnings at $0.26 EPS and Q4 2019 earnings at $0.28 EPS.
Other equities research analysts have also issued reports about the company. Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Friday, October 12th. ValuEngine downgraded Banc of California from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $20.75.
A number of large investors have recently bought and sold shares of the business. Sawtooth Solutions LLC acquired a new position in Banc of California during the 3rd quarter worth $241,000. First Trust Advisors LP lifted its stake in shares of Banc of California by 34.8% in the 3rd quarter. First Trust Advisors LP now owns 60,748 shares of the bank’s stock valued at $1,148,000 after purchasing an additional 15,689 shares during the period. Deprince Race & Zollo Inc. lifted its stake in shares of Banc of California by 5.0% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 653,971 shares of the bank’s stock valued at $12,360,000 after purchasing an additional 31,048 shares during the period. California Public Employees Retirement System lifted its stake in shares of Banc of California by 7.0% in the 2nd quarter. California Public Employees Retirement System now owns 67,346 shares of the bank’s stock valued at $1,317,000 after purchasing an additional 4,415 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Banc of California by 63.1% in the 2nd quarter. Millennium Management LLC now owns 984,317 shares of the bank’s stock valued at $19,243,000 after purchasing an additional 380,740 shares during the period.
In other Banc of California news, Director W Kirk Wycoff sold 225,300 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $19.99, for a total transaction of $4,503,747.00. Following the transaction, the director now owns 4,748 shares of the company’s stock, valued at approximately $94,912.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 640,656 shares of company stock worth $12,808,384. Company insiders own 18.08% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 14th were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend was Thursday, September 13th. Banc of California’s dividend payout ratio is 63.41%.
Banc of California Company Profile
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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