Banc of California shares dip after big Warburg Pincus block
BUZZ-Banc of California shares dip after big Warburg Pincus block ** Regional lender Banc of California's BANC.N shares down 0.5% to $19.06 on Weds after large block trade
** Private equity firm Warburg Pincus sold about 3.9 mln shares worth $75 mln via JP Morgan, according to Form 144 filing late Tues
** JP Morgan priced the block at $19 vs stock's last close of $19.15, thefly.com reported
** Warburg Pincus acquired shares after BANC merged with PacWest Bancorp in 2023, months after the regional bank sector was mired in crisis
** Los Angeles-based BANC has ~153.7 mln shares outstanding
** With the decline, stock down 1% YTD vs ~11% advance in S&P 600 Regional Banks sub-index .SPSMCBNKS
** 10 of 11 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $23, according to LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
Recent news on Banc of California
See all newsBanc of California shares dip after big Warburg Pincus block
Brief: Banc of California Q1 Net Interest Income USD 251.617 Million
U.S. RESEARCH ROUNDUP- Asana, PPG Industries, Verisign
Factbox: From Blue Owl to First Brands: flashpoints in credit markets
Factbox: From Blue Owl to First Brands: flashpoints in credit markets