Short Interest in Banc of California, Inc. (NYSE:BANC) Rises By 47.2%

Banc of California, Inc. (NYSE:BANC) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 15,540,000 shares, a growth of 47.2% from the May 31st total of 10,560,000 shares. Based on an average daily trading volume, of 2,190,000 shares, the days-to-cover ratio is currently 7.1 days.

Banc of California Stock Performance

Shares of NYSE BANC traded down $0.03 during trading on Monday, reaching $12.75. 111,302 shares of the stock were exchanged, compared to its average volume of 2,387,493. The business’s 50-day moving average price is $13.66 and its 200 day moving average price is $13.85. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. Banc of California has a twelve month low of $9.96 and a twelve month high of $16.08.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.07). The firm had revenue of $522.57 million for the quarter, compared to analysts’ expectations of $296.02 million. Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. During the same period last year, the firm earned $0.37 EPS. Equities analysts predict that Banc of California will post 1.07 EPS for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Friday, June 14th. Banc of California’s dividend payout ratio is currently -12.01%.

Analysts Set New Price Targets

A number of research firms have recently commented on BANC. Wedbush cut their price objective on Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Barclays cut their price target on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 24th. StockNews.com upgraded shares of Banc of California to a “sell” rating in a research note on Thursday, April 25th. Truist Financial cut their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, April 25th. Finally, DA Davidson decreased their price target on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $16.31.

Insider Buying and Selling at Banc of California

In related news, CEO Jared M. Wolff purchased 7,130 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The stock was purchased at an average price of $13.98 per share, with a total value of $99,677.40. Following the completion of the transaction, the chief executive officer now owns 268,695 shares of the company’s stock, valued at approximately $3,756,356.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Banc of California

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Banc of California by 17.6% in the 1st quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock valued at $161,192,000 after purchasing an additional 1,582,941 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Banc of California by 49.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after acquiring an additional 1,615,478 shares in the last quarter. PL Capital Advisors LLC increased its holdings in shares of Banc of California by 0.7% in the 1st quarter. PL Capital Advisors LLC now owns 3,224,219 shares of the bank’s stock valued at $49,040,000 after acquiring an additional 22,500 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Banc of California by 148.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after acquiring an additional 1,791,992 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in Banc of California by 42.1% in the first quarter. William Blair Investment Management LLC now owns 2,575,930 shares of the bank’s stock worth $39,180,000 after purchasing an additional 762,959 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Company Profile

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.