Banc of California (NYSE:BANC) has tumbled 3.17% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 1.47% in the last four weeks. The stocks have underperformed the S&P 500 by 2% during the past week but Banc of California (NYSE:BANC) it has outperformed the index in 4 weeks by 0.55%.
Banc of California (NYSE:BANC): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $19.14 and $19.09 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $19.40. The buying momentum continued till the end and the stock did not give up its gains. It closed at $19.27, notching a gain of 0.73% for the day. The total traded volume was 1,711,382 . The stock had closed at $19.13 on the previous day.
The company shares have rallied 38.33% from its 1 Year high price. On May 5, 2016, the shares registered one year high at $20.85 and the one year low was seen on Aug 7, 2015. The 50-Day Moving Average price is $19.68 and the 200 Day Moving Average price is recorded at $16.69.
On the companys insider trading activities, The Securities and Exchange Commission has divulged that Seabold Jeffrey T, (EVP, CHIEF BANKING OFFICER) of Banc Of California, Inc., had unloaded 76,289 shares at an average price of $15.16 in a transaction dated on March 10, 2016. The total value of the transaction was worth $1,156,541.
Many analysts have stated their opinion on the company shares. UBS initiates coverage on Banc of California (NYSE:BANC) In a research note issued to the investors, the brokerage major announces price-target of $24 per share.The shares have been rated Buy. The rating by the firm was issued on May 23, 2016. Currently the company Insiders own 6.13% of Banc of California shares according to the proxy statements. Institutional Investors own 78.22% of Banc of California shares.
Banc of California, Inc. is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank), The Palisades Group, LLC (The Palisades Group) and PTB Property Holdings, LLC (PTB). The Company engages in activities permissible for bank holding companies and in other activities that are financial in nature or incidental or complementary to activities that are financial in nature, primarily securities, insurance and merchant banking activities. The Bank offers a variety of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through 37 banking offices, serving San Diego, Los Angeles, and Orange counties, California and 67 loan production offices in California, Arizona, Oregon, Virginia, Indiana, Maryland, Colorado, Idaho, and Nevada.