Banc of California, Inc. (NYSE:BANC) Short Interest Update

Banc of California, Inc. (NYSE:BANC) was the target of a large drop in short interest in November. As of November 15th, there was short interest totalling 8,140,000 shares, a drop of 8.2% from the October 31st total of 8,870,000 shares. Based on an average daily volume of 2,370,000 shares, the days-to-cover ratio is currently 3.4 days.

Banc of California Stock Performance

Shares of BANC traded up $0.04 during mid-day trading on Wednesday, reaching $17.02. 404,309 shares of the company’s stock were exchanged, compared to its average volume of 2,334,438. The business’s fifty day simple moving average is $15.57 and its 200-day simple moving average is $14.31. Banc of California has a 52-week low of $11.88 and a 52-week high of $18.08. The stock has a market capitalization of $2.70 billion, a PE ratio of -3.98 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The company had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same period in the previous year, the business posted $0.30 earnings per share. On average, equities research analysts expect that Banc of California will post 0.7 earnings per share for the current year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California’s dividend payout ratio is presently -9.37%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BANC. Stephens boosted their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Raymond James upped their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. DA Davidson raised their target price on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Wedbush boosted their target price on Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Citigroup started coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp raised its holdings in Banc of California by 146.3% during the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after purchasing an additional 1,273 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the third quarter valued at $29,000. GAMMA Investing LLC boosted its position in shares of Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after purchasing an additional 734 shares in the last quarter. Mendon Capital Advisors Corp purchased a new position in shares of Banc of California in the 2nd quarter valued at about $102,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Banc of California in the second quarter valued at about $132,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

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.