In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Banc of California Inc. (NYSE:BANC) reported that Legion Partners Asset Management, Llc. has picked up 1,121,769 of common stock as of 2017-05-23.
The acquisition brings the aggregate amount owned by Legion Partners Asset Management, Llc. to a total of 1,121,769 representing less than 2.14% stake in the company.
For those not familiar with the company, Banc of California, Inc. is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties. The Bank offers automated bill payment, cash and treasury management, master demand accounts, foreign exchange, interest rate swaps, trust services, card payment services, remote and mobile deposit capture, automatic clearing house (ACH) origination, wire transfer, direct deposit, and safe deposit boxes. Bank customers also have the ability to access their accounts through a nationwide network of automated teller machines (ATMs), online, telephone and mobile banking. The Bank’s lending activities are focused on providing financing to private businesses, entrepreneurs and homeowners.
A glance at Banc of California Inc. (NYSE:BANC) key stats reveals a current market capitalization of 1.02B Billion based on 49.98 Million shares outstanding and a price at last close of $20.25 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-08-17, Sugarman picked up 300 at a purchase price of $21.95. This brings their total holding to 700 as of the date of the filing.
On the sell side, the most recent transaction saw Grosvenor unload 14,979 shares at a sale price of $20.50. This brings their total holding to 42,715.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Banc of California Inc. (NYSE:BANC) as things move forward to see if its progress aligns with these transactions.
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