Short Interest in Banc of California, Inc. (NYSE:BANC) Declines By 7.8%

Banc of California, Inc. (NYSE:BANCGet Rating) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 1,300,000 shares, a decrease of 7.8% from the August 15th total of 1,410,000 shares. Based on an average daily volume of 293,600 shares, the days-to-cover ratio is currently 4.4 days.

Institutional Trading of Banc of California

Several large investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new position in shares of Banc of California during the 4th quarter valued at approximately $33,000. Quantbot Technologies LP boosted its stake in shares of Banc of California by 158.3% during the 2nd quarter. Quantbot Technologies LP now owns 3,100 shares of the bank’s stock valued at $54,000 after buying an additional 1,900 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of Banc of California by 63.5% during the 1st quarter. Captrust Financial Advisors now owns 3,663 shares of the bank’s stock valued at $71,000 after buying an additional 1,423 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of Banc of California by 14.2% during the 2nd quarter. Mutual of America Capital Management LLC now owns 8,900 shares of the bank’s stock valued at $157,000 after buying an additional 1,104 shares during the last quarter. Finally, Wellington Shields Capital Management LLC purchased a new position in shares of Banc of California during the 4th quarter valued at approximately $196,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Banc of California Stock Up 0.5 %

Shares of NYSE:BANC opened at $17.29 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.83. Banc of California has a 52-week low of $16.66 and a 52-week high of $22.09. The company has a 50 day moving average of $17.46 and a two-hundred day moving average of $18.15. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 10.74 and a beta of 1.33.

Banc of California (NYSE:BANCGet Rating) last issued its quarterly earnings data on Thursday, July 21st. The bank reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.01. Banc of California had a net margin of 29.80% and a return on equity of 12.37%. The company had revenue of $85.49 million during the quarter, compared to the consensus estimate of $85.95 million. During the same quarter last year, the company earned $0.32 earnings per share. As a group, analysts forecast that Banc of California will post 2.08 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Wednesday, September 14th. Banc of California’s dividend payout ratio (DPR) is 14.91%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped their target price on shares of Banc of California to $22.00 in a research report on Monday, July 4th.

Banc of California Company Profile

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Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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