Banc of California (NYSE:BANC) CEO Purchases $99,753.66 in Stock

Key Points

• CEO Jared Wolff purchased 5,487 Banc of California shares at an average price of $18.18, investing $99,753.66 and increasing his stake by 1.67% to 333,456 shares.
• Banc of California reported quarterly EPS of $0.46, slightly above analyst estimates, while revenue rose 5.6% year over year to $303.07 million. The company also maintains a quarterly dividend of $0.12 per share, yielding approximately 2.6% annually.
• The stock traded at $18.50, while analysts assigned a consensus “Moderate Buy” rating and an average price target of $22.50; institutional investors own 86.88% of the shares.

Banc of California, Inc. (NYSE:BANC - Get Free Report) CEO Jared Wolff bought 5,487 shares of the stock in a transaction that occurred on Friday, October 30th. The stock was bought at an average price of $18.18 per share, with a total value of $99,753.66. Following the completion of the acquisition, the chief executive officer owned 333,456 shares of the company's stock, valued at $6,062,230.08. This trade represents 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 hyperlink.

Banc of California Trading Up 1.5%

BANC stock traded up $0.27 on Monday, hitting $18.50. 2,753,223 shares of the company were exchanged, compared to its average volume of 2,844,486. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.87 and a quick ratio of 0.85. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of -54.40 and a beta of 0.74. Banc of California, Inc. has a twelve month low of $16.12 and a twelve month high of $21.93. The business's fifty day moving average is $18.01 and its two-hundred day moving average is $18.95.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $303.07 million for the quarter, compared to analyst estimates of $306.27 million. During the same quarter last year, the business earned $0.38 EPS. Banc of California's revenue for the quarter was up 5.6% on a year-over-year basis. As a group, research analysts forecast that Banc of California, Inc. will post 1.70 earnings per share for the current year.

Banc of California Dividend Announcement

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

Institutional Investors Weigh In On Banc of California

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Banc of California during the 2nd quarter worth approximately $462,252,000. Hsbc Holdings PLC increased its holdings in shares of Banc of California by 118.4% in the 2nd quarter. Hsbc Holdings PLC now owns 224,746 shares of the bank's stock valued at $4,599,000 after acquiring an additional 121,826 shares during the last quarter. Bank of America Corp DE raised its position in shares of Banc of California by 219.1% during the 1st quarter. Bank of America Corp DE now owns 1,227,555 shares of the bank's stock valued at $21,580,000 after acquiring an additional 842,879 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Banc of California during the 1st quarter valued at approximately $6,761,000. Finally, Jupiter Topco LLC bought a new position in Banc of California during the second quarter worth $1,256,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Brean Capital lowered Banc of California from a "buy" rating to a "neutral" rating in a research note on Thursday, July 30th. Citigroup decreased their target price on Banc of California from $23.50 to $22.00 and set a "buy" rating for the company in a report on Friday, July 31st. Barclays increased their target price on shares of Banc of California from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, October 5th. Piper Sandler cut their price target on shares of Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, October 1st. Finally, Wall Street Zen raised shares of Banc of California from a "strong sell" rating to a "sell" rating in a research report on Sunday, September 27th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.

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