Andrew Barker, a director at the Banc of California (BANC), recently bought 48,435 shares. The buy increased his holdings by 50 percent, and came to a total cost just over $800,800.
This insider was also the most recent buyer with a 12,900 share pickup back in February 2022. The company President and CEO also picked up about $100,000 worth of BANC shares at the time as well. There have been no insider sales over the past three years.
Overall, company insiders own 1.6 percent of shares.
The regional bank sank 13 percent in the past year, as rising interest rates weighed on stocks. But BANC performed well operationally, with a 15 percent rise in revenues while also making a 33 percent profit margin. That performance can likely continue, even with a slowing economy right now.
Action to take: The bank trades right at book value, making it a buy at or under the current price. The bank’s market cap of about $1 billion is large enough to make it a buyout candidate in the future. The bank also pays a 1.4 percent dividend at the moment.
For traders, shares look likely to continue their short-term uptrend. The July $20 calls, last going for about $0.55, could potentially deliver mid-double-digit gains in the months ahead should the bank shares continue to rally.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.