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Richard J. Lashley, a director at Banc of California , Inc. (NYSE:BANC), recently sold a significant portion of the company’s stock. According to a Form 4 filing with the Securities and Exchange Commission, Lashley sold a total of 75,000 shares of common stock over several days in early June. The transactions, executed at prices ranging from $14.00 to $14.20 per share, amounted to a total value of approximately $1.06 million. The sales occurred as the $2.24 billion market cap bank trades below its Fair Value, according to InvestingPro analysis, while offering a 2.8% dividend yield.
The sales were carried out in three separate transactions. On June 6, Lashley sold 157 shares at $14.00 each. This was followed by a larger sale on June 9, where 37,343 shares were sold at a weighted average price of $14.025. The final transaction on June 10 involved the sale of 37,500 shares at a weighted average price of $14.20. InvestingPro data shows the stock trading at a low P/E ratio relative to its near-term earnings growth, with several additional insights available to subscribers.
Following these transactions, Lashley retains ownership of 2,280,280 shares through PL Capital, LLC, an entity in which he holds a 50% equity interest. The sales were reported as indirect ownership through PL Capital, LLC, and Lashley disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. For comprehensive insider trading analysis and detailed Fair Value calculations, investors can access the full Pro Research Report on InvestingPro.
In other recent news, Banc of California reported its first-quarter 2025 earnings, exceeding analysts’ expectations with an earnings per share (EPS) of $0.26, compared to the projected $0.23. However, the bank’s revenue fell short of forecasts, coming in at $266 million against the anticipated $272.5 million. Despite this, the bank announced a $300 million share buyback program, highlighting its strategic focus on shareholder value. Additionally, Jefferies initiated coverage on Banc of California with a Buy rating and set a price target of $18, citing the successful integration of the PacWest merger as a key factor. The firm’s analyst projected above-average EPS growth for the bank in the coming years, driven by strong non-interest-bearing deposits and potential net interest margin expansion.
Further developments include Banc of California’s announcement of board changes following its Annual Meeting of Stockholders. All twelve director nominees were elected to one-year terms, with Jared M. Wolff, the current CEO, appointed as chair of the board. Stockholders also ratified Ernst & Young LLP as the company’s independent registered public accounting firm for 2025. In an advisory vote, stockholders approved the executive compensation plan, and they elected to hold future Say-on-Pay votes annually. These decisions reflect the company’s ongoing commitment to corporate governance and stockholder engagement.
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