Banc of California, Inc. (NYSE:BANC) Short Interest Up 7.3% in March

Banc of California, Inc. (NYSE:BANCGet Free Report) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 11,300,000 shares, a growth of 7.3% from the February 29th total of 10,530,000 shares. Based on an average trading volume of 2,460,000 shares, the days-to-cover ratio is currently 4.6 days.

Banc of California Trading Up 1.0 %

NYSE:BANC opened at $14.52 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. Banc of California has a 1-year low of $9.72 and a 1-year high of $16.08. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -4.59 and a beta of 1.15. The stock has a fifty day simple moving average of $14.33 and a 200 day simple moving average of $13.10.

Banc of California (NYSE:BANCGet Free Report) last released its quarterly earnings results on Thursday, January 25th. The bank reported ($4.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The company had revenue of $193.06 million during the quarter, compared to analyst estimates of $163.11 million. During the same quarter last year, the business earned $0.45 EPS. Sell-side analysts forecast that Banc of California will post 1.62 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a yield of 2.75%. Banc of California’s payout ratio is presently -12.66%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BANC shares. Truist Financial restated a “hold” rating and set a $16.00 price objective on shares of Banc of California in a research note on Monday. Keefe, Bruyette & Woods upgraded Banc of California from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Wedbush upped their price objective on Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Barclays initiated coverage on Banc of California in a report on Friday, March 8th. They issued an “equal weight” rating and a $16.00 price objective for the company. Finally, StockNews.com initiated coverage on Banc of California in a report on Monday, January 29th. They issued a “hold” rating for the company. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $16.71.

Check Out Our Latest Research Report on BANC

Insider Activity

In other news, Director James Andrew Barker purchased 10,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the acquisition, the director now owns 159,680 shares of the company’s stock, valued at $2,101,388.80. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Banc of California

A number of institutional investors have recently bought and sold shares of BANC. Price T Rowe Associates Inc. MD raised its stake in shares of Banc of California by 3.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 23,021 shares of the bank’s stock worth $367,000 after purchasing an additional 829 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Banc of California by 4.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock valued at $303,000 after acquiring an additional 955 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in shares of Banc of California by 5.7% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 18,167 shares of the bank’s stock valued at $210,000 after acquiring an additional 980 shares in the last quarter. Advisor Group Holdings Inc. raised its stake in shares of Banc of California by 14.9% in the 4th quarter. Advisor Group Holdings Inc. now owns 7,649 shares of the bank’s stock valued at $122,000 after acquiring an additional 994 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Banc of California by 34.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,148 shares of the bank’s stock valued at $48,000 after acquiring an additional 1,067 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

About Banc of California

(Get Free Report)

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.

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