Short Interest in Banc of California, Inc. (NYSE:BANC) Decreases By 10.6%

Banc of California, Inc. (NYSE:BANC) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 11,940,000 shares, a drop of 10.6% from the August 15th total of 13,350,000 shares. Based on an average daily volume of 2,150,000 shares, the short-interest ratio is presently 5.6 days.

Banc of California Stock Performance

Shares of BANC traded up $0.03 during mid-day trading on Wednesday, reaching $14.72. 3,662,703 shares of the company’s stock traded hands, compared to its average volume of 2,332,175. Banc of California has a 12 month low of $9.96 and a 12 month high of $15.54. The stock has a market capitalization of $2.32 billion, a P/E ratio of -4.41 and a beta of 1.13. The business’s 50-day moving average price is $13.83 and its 200-day moving average price is $13.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The firm had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same period in the previous year, the firm earned $0.32 EPS. Equities analysts predict that Banc of California will post 0.61 earnings per share for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.72%. Banc of California’s payout ratio is -12.01%.

Insider Buying and Selling

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BANC. Riverview Trust Co acquired a new position in Banc of California in the first quarter worth approximately $29,000. Future Financial Wealth Managment LLC acquired a new position in Banc of California in the first quarter worth approximately $30,000. Fifth Third Bancorp grew its position in Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after buying an additional 1,273 shares during the last quarter. LifeSteps Financial Inc. acquired a new position in Banc of California in the first quarter worth approximately $60,000. Finally, Mendon Capital Advisors Corp acquired a new position in Banc of California in the second quarter worth approximately $102,000. Institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Raymond James upgraded Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price for the company in a research note on Tuesday. Truist Financial lifted their target price on Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Keefe, Bruyette & Woods decreased their target price on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. Wells Fargo & Company decreased their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Finally, Barclays decreased their target price on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.72.

Banc of California Company Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.