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

Banc of California, Inc. (NYSE:BANC) saw a large 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 currently 5.6 days.

Banc of California Stock Performance

NYSE BANC traded up $0.45 during midday trading on Tuesday, hitting $14.69. The company had a trading volume of 4,036,205 shares, compared to its average volume of 2,323,233. The firm has a fifty day simple moving average of $13.79 and a two-hundred day simple moving average of $13.89. Banc of California has a fifty-two week low of $9.96 and a fifty-two week high of $15.54. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -4.41 and a beta of 1.13.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). The firm had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. During the same period last year, the business earned $0.32 earnings per share. Equities analysts forecast that Banc of California will post 0.61 earnings per share for the current fiscal 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 paid a $0.10 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.72%. Banc of California’s payout ratio is -12.01%.

Insider Activity

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.37% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BANC. Mendon Capital Advisors Corp acquired a new position in Banc of California in the second quarter worth about $102,000. Algert Global LLC bought a new stake in shares of Banc of California in the 2nd quarter valued at approximately $182,000. The Manufacturers Life Insurance Company grew its stake in shares of Banc of California by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock valued at $989,000 after purchasing an additional 1,939 shares during the period. Marshall Wace LLP acquired a new position in shares of Banc of California in the 2nd quarter worth approximately $166,000. Finally, Public Sector Pension Investment Board lifted its position in shares of Banc of California by 7.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 305,456 shares of the bank’s stock worth $3,904,000 after buying an additional 21,365 shares during the period. 86.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on BANC shares. Stephens reiterated an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, September 4th. Wedbush reissued a “neutral” rating and set a $14.00 target price on shares of Banc of California in a research note on Wednesday, July 24th. 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 report on Tuesday, July 9th. Truist Financial lifted their price target on Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods reduced their price objective 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.72.

About Banc of California

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.