Insider Buying: Banc of California (NYSE:BANC) CEO Buys $99,753.66 in Stock

Banc of California, Inc. (NYSE:BANC) CEO Jared Wolff purchased 5,487 shares of the company’s stock in a transaction on Friday, October 30th. The stock was acquired at an average cost of $18.18 per share, for a total transaction of $99,753.66. Following the completion of the purchase, the chief executive officer owned 333,456 shares of the company’s stock, valued at approximately $6,062,230.08. This trade represents a 1.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Banc of California Stock Up 1.2%

Shares of NYSE BANC opened at $18.59 on Thursday. The company’s fifty day simple moving average is $18.00 and its 200 day simple moving average is $18.92. Banc of California, Inc. has a 12-month low of $16.12 and a 12-month high of $21.93. The firm has a market cap of $2.95 billion, a PE ratio of -54.69 and a beta of 0.74. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.20.

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, beating analysts’ consensus estimates of $0.45 by $0.01. Banc of California had a negative net margin of 0.58% and a positive return on equity of 8.51%. The firm had revenue of $303.07 million for the quarter, compared to analyst estimates of $306.27 million. During the same period last year, the firm earned $0.38 earnings per share. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Banc of California, Inc. will post 1.70 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Barclays increased their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, October 5th. Piper Sandler lowered their price objective on shares of 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. Finally, Wells Fargo & Company 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 Wednesday, September 30th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.50.

Institutional Trading of Banc of California

A number of institutional investors have recently added to or reduced their stakes in BANC. BlackRock Inc. bought a new position in Banc of California in the 2nd quarter worth approximately $462,252,000. Dimensional Fund Advisors LP grew its holdings in shares of Banc of California by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,464,447 shares of the bank’s stock valued at $113,640,000 after acquiring an additional 600,791 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Banc of California by 147.2% in the 2nd quarter. Wellington Management Group LLP now owns 6,121,876 shares of the bank’s stock valued at $125,070,000 after buying an additional 3,645,579 shares in the last quarter. North Reef Capital Management LP raised its position in Banc of California by 29.7% during the first 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 in the last quarter. Finally, Hodges Capital Management Inc. grew its position in Banc of California by 5.6% in the first quarter. Hodges Capital Management Inc. now owns 1,462,302 shares of the bank’s stock worth $25,707,000 after acquiring an additional 77,012 shares in the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.