Banc of California CEO Buys $49,289 in Stock (BANC)
Banc of California (NASDAQ:BANC) CEO Steven Sugarman acquired 4,050 shares of the stock on the open market in a transaction that occurred on Friday, August 22nd. The stock was purchased at an average cost of $12.17 per share, for a total transaction of $49,288.50. Following the completion of the purchase, the chief executive officer now directly owns 75,264 shares of the company’s stock, valued at approximately $915,963. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on BANC shares. Analysts at Zacks upgraded shares of Banc of California from an “underperform” rating to an “outperform” rating in a research note on Tuesday, August 12th. They now have a $12.70 price target on the stock. Separately, analysts at Keefe, Bruyette & Woods raised their price target on shares of Banc of California from $11.00 to $13.00 in a research note on Friday, August 1st. They now have a “market perform” rating on the stock. Finally, analysts at DA Davidson upgraded shares of Banc of California from a “neutral” rating to a “buy” rating in a research note on Friday, August 1st. They now have a $14.50 price target on the stock, up previously from $11.00. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $13.49.
Shares of Banc of California (NASDAQ:BANC) traded up 0.08% during mid-day trading on Monday, hitting $12.21. The stock had a trading volume of 142,553 shares. Banc of California has a 52 week low of $9.70 and a 52 week high of $14.75. The stock’s 50-day moving average is $11.51 and its 200-day moving average is $11.81. The company’s market cap is $346.3 million.
Banc of California (NASDAQ:BANC) last released its earnings data on Thursday, July 31st. The company reported $0.27 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.14 by $0.13. On average, analysts predict that Banc of California will post $0.82 earnings per share for the current fiscal year.
Banc of California, Inc, formerly First PacTrust Bancorp, Inc, is a multi-bank holding company. The Company provides commercial, residential and consumer banking and related financial services through approximately 19 banking offices located in Los Angeles, Orange, San Diego and Riverside, California, and 23 loan production offices in California, Arizona, Oregon and Washington.
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