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

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

Banc of California Trading Up 1.6 %

Banc of California stock opened at $14.32 on Friday. The firm has a 50 day moving average price of $14.49 and a 200 day moving average price of $13.34. 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, Inc. has a fifty-two week low of $9.72 and a fifty-two week high of $16.08.

Banc of California (NYSE:BANC) last announced its quarterly 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). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The company had revenue of $522.57 million for the quarter, compared to analyst estimates of $296.02 million. During the same quarter in the prior year, the business earned $0.37 earnings per share. Analysts forecast that Banc of California, Inc. will post 1.37 EPS for the current fiscal year.

Banc of California Announces Dividend

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

Institutional Investors Weigh In On Banc of California

Several hedge funds have recently modified their holdings of BANC. Versant Capital Management Inc raised its position in Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares during the last quarter. Riverview Trust Co purchased a new position in Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the first quarter valued at about $30,000. Lee Financial Co acquired a new stake in Banc of California in the fourth quarter valued at about $40,000. Finally, Longfellow Investment Management Co. LLC purchased a new stake in Banc of California in the 4th quarter valued at approximately $41,000. 86.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BANC has been the topic of several analyst reports. Keefe, Bruyette & Woods raised Banc of California from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. Wells Fargo & Company boosted their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Wedbush decreased their price objective on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday. StockNews.com upgraded Banc of California to a “sell” rating in a research report on Thursday. Finally, Stephens restated an “equal weight” rating and set a $16.00 price target on shares of Banc of California in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $16.64.

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.