Banc of California Target of Unusually High Options Trading (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) was the target of some unusual options trading activity on Wednesday. Investors acquired 2,803 call options on the company. This is an increase of 217% compared to the average volume of 885 call options.

Banc of California Trading Down 0.3%

Shares of NYSE:BANC traded down $0.07 during trading on Wednesday, reaching $18.55. 187,306 shares of the company traded hands, compared to its average volume of 2,910,760. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. Banc of California has a 52-week low of $15.33 and a 52-week high of $21.93. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -44.18 and a beta of 0.73. The business’s fifty day moving average is $19.72 and its 200-day moving average is $19.03.

Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, July 29th. The bank reported ($1.61) EPS for the quarter, missing the consensus estimate of $0.40 by ($2.01). Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The firm had revenue of $16.41 million during the quarter, compared to analysts’ expectations of $295.32 million. During the same period in the previous year, the firm earned $0.31 earnings per share. The firm’s quarterly revenue was down 94.0% compared to the same quarter last year. As a group, analysts forecast that Banc of California will post 1.68 EPS for the current year.

Banc of California Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. Banc of California’s payout ratio is presently -114.29%.

Insiders Place Their Bets

In other news, insider Olivia Lindsay sold 6,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $19.50, for a total transaction of $117,000.00. Following the sale, the insider owned 32,842 shares in the company, valued at approximately $640,419. This trade represents a 15.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.78% of the stock is owned by corporate insiders.

Institutional Trading of Banc of California

A number of institutional investors have recently modified their holdings of BANC. BlackRock Inc. bought a new stake in shares of Banc of California in the second quarter worth about $462,252,000. UBS Group AG raised its position in Banc of California by 28.4% during the 4th quarter. UBS Group AG now owns 598,427 shares of the bank’s stock valued at $11,544,000 after purchasing an additional 132,328 shares during the last quarter. William Blair Investment Management LLC raised its position in Banc of California by 8.8% during the 4th quarter. William Blair Investment Management LLC now owns 2,317,363 shares of the bank’s stock valued at $44,702,000 after purchasing an additional 187,999 shares during the last quarter. Bridgeway Capital Management LLC lifted its holdings in Banc of California by 11.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 915,325 shares of the bank’s stock worth $17,657,000 after buying an additional 96,372 shares during the period. Finally, LSV Asset Management bought a new stake in Banc of California in the fourth quarter valued at $3,740,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Brean Capital downgraded Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Weiss Ratings lowered Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Wells Fargo & Company started coverage on Banc of California in a report on Monday, August 10th. They issued an “overweight” rating and a $23.00 price objective for the company. Finally, Citigroup reduced their price objective on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $22.62.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.