Banc of California (NYSE:BANC) Sees Strong Trading Volume

Banc of California, Inc. (NYSE:BANC - Get Free Report) saw strong trading volume on Monday . 1,638,400 shares changed hands during trading, a decline of 32% from the previous session's volume of 2,408,160 shares.The stock last traded at $13.94 and had previously closed at $15.08.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods upgraded Banc of California from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Stephens restated an "equal weight" rating and set a $16.00 target price on shares of Banc of California in a research report on Monday. Wells Fargo & Company raised their target price on Banc of California from $14.00 to $16.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 10th. Piper Sandler dropped their target price on Banc of California from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Monday. Finally, Truist Financial dropped their target price on Banc of California from $16.00 to $15.00 and set a "hold" rating on the stock in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Banc of California currently has an average rating of "Hold" and an average target price of $16.94.

Banc of California Trading Down 10.4 %

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of -4.06 and a beta of 1.17. The company has a fifty day moving average of $14.47 and a 200-day moving average of $13.55.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company 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 quarter in the prior year, the firm earned $0.37 earnings per share. As a group, equities research analysts anticipate that Banc of California, Inc. will post 1.29 earnings per share for the current fiscal year.

Insider Transactions at Banc of California

In related news, Director James Andrew Barker bought 10,000 shares of the stock in a transaction dated Wednesday, February 14th. The shares were acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director now directly owns 159,680 shares in the company, valued at approximately $2,101,388.80. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Jared M. Wolff purchased 7,130 shares of Banc of California stock in a transaction dated Thursday, April 25th. The shares were purchased at an average price of $13.98 per share, with a total value of $99,677.40. Following the transaction, the chief executive officer now owns 268,695 shares in the company, valued at $3,756,356.10. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director James Andrew Barker purchased 10,000 shares of Banc of California stock in a transaction dated Wednesday, February 14th. The shares were purchased at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the transaction, the director now owns 159,680 shares in the company, valued at approximately $2,101,388.80. The disclosure for this purchase can be found here. Insiders have purchased a total of 27,130 shares of company stock worth $445,277 in the last ninety days. Insiders own 7.37% of the company's stock.

Institutional Trading of Banc of California

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Banc of California by 17.6% in the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank's stock valued at $161,192,000 after purchasing an additional 1,582,941 shares during the period. Pacific Ridge Capital Partners LLC raised its position in Banc of California by 5.7% in the first quarter. Pacific Ridge Capital Partners LLC now owns 103,547 shares of the bank's stock valued at $1,575,000 after purchasing an additional 5,542 shares during the period. First National Bank of Hutchinson purchased a new stake in Banc of California in the first quarter valued at approximately $786,000. William Blair Investment Management LLC raised its position in Banc of California by 42.1% in the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank's stock valued at $39,180,000 after purchasing an additional 762,959 shares during the period. Finally, ProShare Advisors LLC raised its position in Banc of California by 12.4% in the first quarter. ProShare Advisors LLC now owns 27,701 shares of the bank's stock valued at $421,000 after purchasing an additional 3,058 shares during the period. Hedge funds and other institutional investors 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.