Insider Buying: Banc of California (NYSE:BANC) CEO Buys 5,487 Shares of Stock

Banc of California, Inc. (NYSE:BANC) CEO Jared Wolff purchased 5,487 shares of Banc of California stock in a transaction dated Friday, October 30th. The stock was acquired at an average price of $18.18 per share, for a total transaction of $99,753.66. Following the completion of the transaction, the chief executive officer owned 333,456 shares in the company, valued at approximately $6,062,230.08. The trade was a 1.67% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Banc of California Stock Performance

Shares of NYSE BANC traded up $0.27 during midday trading on Monday, hitting $18.50. The company’s stock had a trading volume of 2,753,223 shares, compared to its average volume of 2,844,486. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.85 and a current ratio of 0.87. Banc of California, Inc. has a 1-year low of $16.12 and a 1-year high of $21.93. The firm’s fifty day moving average price is $18.01 and its 200-day moving average price is $18.95. The firm has a market cap of $2.93 billion, a P/E ratio of -54.40 and a beta of 0.74.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Tuesday, October 27th. The bank reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. The firm had revenue of $303.07 million for the quarter, compared to analyst estimates of $306.27 million. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. Banc of California’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 earnings per share. On average, sell-side analysts forecast that Banc of California, Inc. will post 1.70 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Tuesday, September 15th. Banc of California’s payout ratio is presently -141.18%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BANC. BlackRock Inc. bought a new stake in shares of Banc of California during the second quarter valued at approximately $462,252,000. Wellington Management Group LLP boosted its position in shares of Banc of California by 147.2% during the second quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock worth $125,070,000 after buying an additional 3,645,579 shares during the period. Dimensional Fund Advisors LP grew its holdings in Banc of California by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank’s stock worth $113,640,000 after buying an additional 600,791 shares in the last quarter. North Reef Capital Management LP increased its position in Banc of California by 29.7% in the 1st quarter. North Reef Capital Management LP now owns 1,500,000 shares of the bank’s stock valued at $26,370,000 after acquiring an additional 343,320 shares during the period. Finally, Hodges Capital Management Inc. increased its position in Banc of California by 5.6% in the 1st quarter. Hodges Capital Management Inc. now owns 1,462,302 shares of the bank’s stock valued at $25,707,000 after acquiring an additional 77,012 shares during the period. Institutional investors own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Piper Sandler dropped their price target on Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Barclays boosted their price objective on Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, October 5th. Citigroup lowered their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. UBS Group initiated coverage on Banc of California in a research report on Monday, September 14th. They issued a “neutral” rating and a $20.00 target price on the stock. Finally, Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

About Banc of California

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.