Key Points
- CEO Jared Wolff purchased 5,487 Banc of California shares at an average price of $18.18, investing nearly $99,754 and increasing his holdings to 333,456 shares.
- Banc of California reported quarterly EPS of $0.46, slightly exceeding analyst expectations, while revenue rose 5.6% year over year to $303.07 million but fell short of estimates.
- Analysts maintain a consensus “Moderate Buy” rating with a $22.50 target price; institutional investors own 86.88% of the company, and the stock pays a $0.12 quarterly dividend.
Banc of California, Inc. (NYSE:BANC - Get Free Report) CEO Jared Wolff purchased 5,487 shares of the company's stock in a transaction that occurred on Friday, October 30th. The shares were purchased at an average cost of $18.18 per share, for a total transaction of $99,753.66. Following the completion of the transaction, the chief executive officer owned 333,456 shares in the company, valued at approximately $6,062,230.08. This represents a 1.67% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Banc of California Price Performance
BANC opened at $18.50 on Tuesday. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of -54.40 and a beta of 0.77. Banc of California, Inc. has a fifty-two week low of $16.12 and a fifty-two week high of $21.93. The company's 50-day moving average price is $18.01 and its 200 day moving average price is $18.95. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.20.
Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Tuesday, October 27th. The bank reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.01. The company had revenue of $303.07 million for the quarter, compared to analysts' expectations of $306.27 million. Banc of California had a positive return on equity of 8.51% and a negative net margin of 0.58%. The firm's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the business posted $0.38 earnings per share. As a group, sell-side analysts expect that Banc of California, Inc. will post 1.70 earnings per share for the current year.
Banc of California Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Banc of California's dividend payout ratio (DPR) is presently -141.18%.
Institutional Trading of Banc of California
Several hedge funds and other institutional investors have recently modified their holdings of the business. Western Wealth Management LLC acquired a new position in Banc of California during the first quarter valued at $29,000. Orion Capital Management LLC purchased a new stake in Banc of California in the 2nd quarter worth about $37,000. Covestor Ltd boosted its position in Banc of California by 90.3% during the 3rd quarter. Covestor Ltd now owns 2,970 shares of the bank's stock worth $51,000 after acquiring an additional 1,409 shares during the period. Nykredit A S acquired a new stake in Banc of California during the 2nd quarter worth about $61,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in Banc of California during the 2nd quarter worth about $70,000. Institutional investors and hedge funds own 86.88% of the company's stock.
Analyst Ratings Changes
Several research analysts have issued reports on the stock. Barclays lifted their price target 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. Brean Capital downgraded Banc of California from a "buy" rating to a "neutral" rating in a research report on Thursday, July 30th. Piper Sandler reduced their price objective on Banc of California from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, October 1st. Wall Street Zen raised Banc of California from a "strong sell" rating to a "sell" rating in a research note on Sunday, September 27th. Finally, UBS Group started coverage on Banc of California in a report on Monday, September 14th. They issued a "neutral" rating and a $20.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Banc of California presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.
Read Our Latest Research Report on BANC
Banc of California Company Profile
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
