Banc of California, Inc. (NYSE:BANC) CEO Jared M. Wolff Acquires 7,130 Shares of Stock

Banc of California, Inc. (NYSE:BANC) CEO Jared M. Wolff acquired 7,130 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the transaction, the chief executive officer now directly owns 268,695 shares in the company, valued at approximately $3,756,356.10. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Banc of California Stock Performance

Shares of NYSE:BANC opened at $14.32 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The business’s 50 day simple moving average is $14.49 and its 200 day simple moving average is $13.34. Banc of California, Inc. has a 1 year low of $9.72 and a 1 year high of $16.08.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same period in the prior year, the business earned $0.37 earnings per share. On average, sell-side analysts anticipate that Banc of California, Inc. will post 1.37 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 2.79%. Banc of California’s dividend payout ratio is currently -12.01%.

Analyst Ratings Changes

A number of brokerages recently issued reports on BANC. Wells Fargo & Company lifted 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. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. StockNews.com raised Banc of California to a “sell” rating in a research report on Thursday. Stephens restated an “equal weight” rating and issued a $16.00 price target on shares of Banc of California in a research note on Thursday. Finally, Truist Financial cut their price objective on Banc of California from $16.00 to $15.00 and set a “hold” rating for the company in a report on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $16.64.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Banc of California by 143.4% during the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock worth $121,069,000 after purchasing an additional 5,311,842 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Banc of California by 49.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after acquiring an additional 1,615,478 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock worth $40,260,000 after purchasing an additional 1,791,992 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Banc of California by 345.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,291,541 shares of the bank’s stock valued at $30,775,000 after purchasing an additional 1,777,330 shares in the last quarter. Finally, Bayview Asset Management LLC bought a new stake in shares of Banc of California during the fourth quarter worth about $27,297,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Company Profile

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.