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

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

Banc of California Trading Up 0.4 %

BANC stock traded up $0.05 during mid-day trading on Friday, hitting $14.15. The company had a trading volume of 190,996 shares, compared to its average volume of 2,457,064. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a 12 month low of $9.72 and a 12 month high of $16.08. The stock’s fifty day moving average price is $14.50 and its two-hundred day moving average price is $13.32.

Banc of California (NYSE:BANC) last posted 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 business had revenue of $522.57 million during the quarter, compared to analysts’ expectations 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 previous year, the business earned $0.37 EPS. Equities analysts forecast that Banc of California, Inc. will post 1.5 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.83%. Banc of California’s payout ratio is -12.01%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BANC. StockNews.com upgraded shares of Banc of California to a “sell” rating in a research report on Thursday. Wedbush reduced their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday. Stephens reaffirmed an “equal weight” rating and issued a $16.00 price objective on shares of Banc of California in a research note on Thursday. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 22nd. Finally, Barclays dropped their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.64.

Institutional Investors Weigh In On Banc of California

A number of large investors have recently added to or reduced their stakes in BANC. Versant Capital Management Inc grew its stake in shares of Banc of California by 2,466.2% during the fourth quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock valued at $26,000 after buying an additional 1,825 shares during the last quarter. Riverview Trust Co bought a new position in shares of Banc of California during the first quarter valued at about $29,000. Future Financial Wealth Managment LLC bought a new position in shares of Banc of California during the first quarter valued at about $30,000. Lee Financial Co bought a new position in shares of Banc of California during the fourth quarter valued at about $40,000. Finally, Longfellow Investment Management Co. LLC bought a new stake in shares of Banc of California in the fourth quarter worth about $41,000. 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.