Banc of California (NYSE:BANC) Stock: Insider Jared Wolff Purchases 5,487 Shares

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

Banc of California Trading Down 0.7%

Shares of BANC stock opened at $18.38 on Wednesday. The stock’s fifty day moving average is $18.00 and its two-hundred day moving average is $18.94. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.85 and a current ratio of 0.87. The firm has a market capitalization of $2.91 billion, a P/E ratio of -54.04 and a beta of 0.74. Banc of California, Inc. has a fifty-two week low of $16.12 and a fifty-two week high of $21.93.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, October 27th. The bank reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $306.27 million. During the same quarter in the previous year, the company posted $0.38 EPS. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. Research analysts expect that Banc of California, Inc. will post 1.70 earnings per share for the current fiscal year.

Institutional Trading of Banc of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. Covestor Ltd lifted its holdings in Banc of California by 90.3% in the third quarter. Covestor Ltd now owns 2,970 shares of the bank’s stock valued at $51,000 after acquiring an additional 1,409 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in Banc of California by 14.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 35,442 shares of the bank’s stock worth $611,000 after acquiring an additional 4,400 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new stake in Banc of California during the third quarter worth $241,000. Summit Global Investments increased its stake in Banc of California by 109.8% during the third quarter. Summit Global Investments now owns 72,556 shares of the bank’s stock worth $1,250,000 after acquiring an additional 37,973 shares during the last quarter. Finally, Yousif Capital Management LLC increased its stake in Banc of California by 10.5% during the third quarter. Yousif Capital Management LLC now owns 39,963 shares of the bank’s stock worth $689,000 after acquiring an additional 3,804 shares during the last quarter. 86.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Banc of California from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 27th. Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Piper Sandler decreased their target price on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, October 1st. UBS Group began coverage on shares of Banc of California in a research note on Monday, September 14th. They issued a “neutral” rating and a $20.00 target price on the stock. Finally, Barclays boosted their target price on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, October 5th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.