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

Banc of California Inc (NYSE:BANC) was the target of a large growth in short interest in November. As of November 29th, there was short interest totalling 3,410,000 shares, a growth of 7.9% from the November 14th total of 3,160,000 shares. Based on an average trading volume of 356,100 shares, the days-to-cover ratio is currently 9.6 days. Approximately 7.1% of the company’s stock are short sold.

Shares of Banc of California stock traded up $0.04 during trading on Friday, reaching $16.30. The company’s stock had a trading volume of 275,296 shares, compared to its average volume of 273,094. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 2.60. The company has a market cap of $813.11 million, a price-to-earnings ratio of 33.27, a P/E/G ratio of 2.04 and a beta of 1.38. Banc of California has a 1-year low of $12.22 and a 1-year high of $17.66. The company has a 50-day simple moving average of $14.90 and a two-hundred day simple moving average of $14.41.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported ($0.45) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.68). The business had revenue of $62.10 million during the quarter, compared to analyst estimates of $69.70 million. Banc of California had a return on equity of 7.67% and a net margin of 4.79%. The firm’s revenue for the quarter was down 19.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 EPS. As a group, analysts anticipate that Banc of California will post 0.71 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 18th will be given a $0.06 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.47%. Banc of California’s payout ratio is 48.98%.

In related news, CEO Jared M. Wolff bought 16,500 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were acquired at an average price of $15.18 per share, with a total value of $250,470.00. Following the transaction, the chief executive officer now owns 152,872 shares of the company’s stock, valued at $2,320,596.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.06% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Bank of Montreal Can boosted its position in shares of Banc of California by 485.3% in the 2nd quarter. Bank of Montreal Can now owns 4,413 shares of the bank’s stock worth $62,000 after purchasing an additional 3,659 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Banc of California by 13.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 14,720 shares of the bank’s stock worth $202,000 after purchasing an additional 1,786 shares in the last quarter. Metropolitan Life Insurance Co NY boosted its position in shares of Banc of California by 8.0% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 14,828 shares of the bank’s stock worth $210,000 after purchasing an additional 1,101 shares in the last quarter. Mason Street Advisors LLC boosted its position in shares of Banc of California by 6.6% in the 3rd quarter. Mason Street Advisors LLC now owns 15,232 shares of the bank’s stock worth $215,000 after purchasing an additional 941 shares in the last quarter. Finally, Aperio Group LLC acquired a new stake in shares of Banc of California in the 2nd quarter worth $261,000. 99.29% of the stock is owned by hedge funds and other institutional investors.

Several analysts have issued reports on the company. Zacks Investment Research raised Banc of California from a “sell” rating to a “hold” rating in a research report on Tuesday, October 15th. Sandler O’Neill cut Banc of California from a “buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Raymond James cut Banc of California from an “outperform” rating to a “market perform” rating in a research report on Monday, September 16th. Finally, ValuEngine cut Banc of California from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Six research analysts have rated the stock with a hold rating, Banc of California presently has an average rating of “Hold” and an average target price of $15.50.

About Banc of California

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 and noninterest-bearing demand accounts, as well as certificates of deposits.

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