Short Interest in Banc of California, Inc. (NYSE:BANC) Rises By 6.7%

Banc of California, Inc. (NYSE:BANC) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 12,740,000 shares, a growth of 6.7% from the August 31st total of 11,940,000 shares. Based on an average daily volume of 2,340,000 shares, the short-interest ratio is currently 5.4 days.

Banc of California Stock Performance

NYSE:BANC opened at $14.06 on Wednesday. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -4.22 and a beta of 1.13. Banc of California has a 1 year low of $9.96 and a 1 year high of $15.54. The stock’s 50 day simple moving average is $13.99 and its two-hundred day simple moving average is $13.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.83.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share 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 business had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same quarter in the prior year, the firm posted $0.32 EPS. As a group, equities analysts anticipate that Banc of California will post 0.59 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date of this dividend was Monday, September 16th. Banc of California’s payout ratio is -12.01%.

Wall Street Analyst Weigh In

BANC has been the subject of a number of analyst reports. Truist Financial increased their price target on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Stephens reiterated an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Keefe, Bruyette & Woods lowered their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Wells Fargo & Company upped their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Finally, Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 price objective on the stock in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.61.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the firm’s 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 transaction, the director now owns 719,826 shares of the company’s stock, valued at $10,077,564. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 7.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BANC. Riverview Trust Co bought a new stake in shares of Banc of California in the 1st quarter valued at approximately $29,000. Future Financial Wealth Managment LLC purchased a new stake in Banc of California during the 1st quarter valued at $30,000. Fifth Third Bancorp lifted 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. bought a new stake in Banc of California in the first quarter worth $60,000. Finally, Mendon Capital Advisors Corp bought a new position in Banc of California during the second quarter valued at $102,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

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.