A company insider recently bought 15,000 shares of Banc of California Inc [BANC]. Should You Buy?

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Banc of California Inc shares valued at $216,669 were purchased by LASHLEY RICHARD J on Mar 01 ’24. At $14.44 per share, LASHLEY RICHARD J acquired 15,000 shares. The insider’s holdings grew to 2,478,143 shares worth approximately $36.75 million following the completion of this transaction.

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Also, LASHLEY RICHARD J purchased 10,000 shares, netting a total of over 213,993 in proceeds. Following the buying of shares at $21.40 each, the insider now holds 10,000 shares.

Before that, Barker James Andrew had added 10,000 shares to its account. In a trade valued at $131,590, the Director bought Banc of California Inc shares for $13.16 each. Upon closing the transaction, the insider’s holdings increased to 10,000 shares, worth approximately $2.37 million.

As published in their initiating research note from Barclays on March 08, 2024, Banc of California Inc [BANC] has been an Equal weight and the price target has been revised to $16. Analysts at Truist started covering the stock with ‘”a Hold”‘ outlook in a report released in early December. As of October 04, 2023, Wells Fargo has decreased its “an Overweight” rating to a “an Equal weight” for BANC. Earlier on July 31, 2023, Keefe Bruyette downgraded its rating. Their new recommendation was “a Mkt perform” for BANC stock which previously was a “an Outperform”.

Analyzing BANC Stock Performance

During the last five days, there has been a drop of approximately -0.47%. Over the course of the year, Banc of California Inc shares have jumped approximately 10.42%. Shares of the company reached a 52-week high of $15.25 on 03/05/24 and a 52-week low of $12.07 on 01/17/24. A 50-day SMA is recorded $13.76, while a 200-day SMA reached $12.77. Nevertheless, trading volume fell to 1.57 million shares from 2.07 million shares the previous day.

Support And Resistance Levels for Banc of California Inc (BANC)

According to the 24-hour chart, there is a support level at 14.65, which, if violated, would cause prices to drop to 14.48. In the upper region, resistance lies at 15.10. The next price resistance is at 15.38. RSI (Relative Strength Index) is 57.72 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.19, which suggests the price will decrease in the coming days. Percent R is at 37.01%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Banc of California Inc subject to short interest?

Stocks of Banc of California Inc saw a sharp rise in short interest on Feb 29, 2024 jumping by 1.57 million shares to 10.53 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 8.96 million shares. A jump of 14.91% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.12 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.12.

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