In a recent transaction, Jared M. Wolff, President and CEO of Banc of California , Inc. (NYSE:BANC), has increased his stake in the company through the purchase of additional shares. On April 25, Wolff bought 7,130 shares of Banc of California's common stock at an average price of $13.98 per share, totaling approximately $99,677.
This purchase was made at weighted average prices ranging from $13.79 to $14.06, signaling Wolff's confidence in the financial institution he leads. Following this acquisition, the total number of shares owned by Wolff, directly and indirectly through the Wolff Family Trust, amounts to 268,695 shares. It's worth noting that the reported amount includes 1,701 shares acquired as part of a dividend reinvestment plan.
Investors often keep an eye on insider transactions like these for insights into how company executives view the stock's value and prospects. The move by Banc of California's CEO to increase his holdings in the company may be interpreted by the market as a positive sign.
Banc of California, headquartered in Santa Ana, California, operates as a national commercial bank and provides a range of financial services. The transaction details were disclosed in a Form 4 filing with the Securities and Exchange Commission, which provides transparency into the trading activities of the company's insiders.
InvestingPro Insights
The recent insider purchase by Jared M. Wolff, President and CEO of Banc of California, aligns with positive expectations reflected in some of the InvestingPro metrics and tips. The InvestingPro Data indicates a market capitalization of $2.37 billion, with a notable dividend yield of 2.84%, as of the latest data. This yield may be attractive to income-seeking investors, especially considering the current price is at 87.62% of its 52-week high, suggesting some potential for price appreciation.
While the company has faced challenges, as evidenced by a negative P/E ratio of -2.14 and a significant revenue decline over the last twelve months, there are signs of optimism. One of the InvestingPro Tips suggests that analysts expect the net income of Banc of California to grow this year. Additionally, another tip indicates anticipated sales growth in the current year. These forward-looking insights could imply a potential turnaround for the company, which may be one reason behind the CEO’s increased investment in the company’s stock.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available, which could provide more nuanced insights into Banc of California's financial health and future prospects. For instance, while four analysts have revised their earnings downwards for the upcoming period, others predict the company will be profitable this year, which could be a pivotal point for the bank.
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