BUZZ-Banc of California shares dip after big Warburg Pincus block

Jpmorgan Chase
Banc of California

Jpmorgan Chase

JPM

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Banc of California

BANC

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** 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


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