Banc of California, Inc. (NYSE:BANC) CEO Purchases $99,677.40 in Stock

Banc of California, Inc. (NYSE:BANC) CEO Jared M. Wolff acquired 7,130 shares of Banc of California stock in a transaction dated Thursday, April 25th. The shares were acquired at an average price of $13.98 per share, with a total value of $99,677.40. Following the completion of the transaction, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Banc of California Price Performance

NYSE:BANC traded up $0.05 during trading hours on Friday, reaching $14.15. The company’s stock had a trading volume of 190,996 shares, compared to its average volume of 2,457,064. Banc of California, Inc. has a one year low of $9.72 and a one year high of $16.08. The business’s 50-day moving average is $14.50 and its 200-day moving average is $13.32. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). The firm had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period in the prior year, the firm earned $0.37 EPS. Research analysts anticipate that Banc of California, Inc. will post 1.5 EPS for the current year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend was Thursday, March 14th. Banc of California’s dividend payout ratio is -12.01%.

Analysts Set New Price Targets

Several equities research analysts recently commented on BANC shares. StockNews.com raised Banc of California to a “sell” rating in a report on Thursday. Barclays dropped their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday. Wedbush dropped their price target on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday. Wells Fargo & Company upped their price target on Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Finally, Truist Financial dropped their price target on Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.64.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Banc of California by 4.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after buying an additional 955 shares during the last quarter. Truist Financial Corp raised its position in shares of Banc of California by 9.8% during the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank’s stock valued at $185,000 after buying an additional 1,223 shares during the last quarter. Sippican Capital Advisors raised its position in shares of Banc of California by 1.2% during the third quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock valued at $1,425,000 after buying an additional 1,325 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after buying an additional 1,825 shares during the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Banc of California during the first quarter valued at about $29,000. Institutional investors and hedge funds 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.