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 increase in short interest during the month of March. As of March 15th, there was short interest totalling 11,300,000 shares, an increase of 7.3% from the February 29th total of 10,530,000 shares. Based on an average daily trading volume, of 2,460,000 shares, the days-to-cover ratio is presently 4.6 days.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Report on BANC

Banc of California Trading Up 1.7 %

Shares of NYSE:BANC traded up $0.24 during trading on Wednesday, reaching $14.62. 1,017,007 shares of the company traded hands, compared to its average volume of 2,523,317. The company’s 50 day moving average is $14.30 and its two-hundred day moving average is $13.09. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California has a 52 week low of $9.72 and a 52 week high of $16.08.

Banc of California (NYSE:BANCGet Free Report) last released its 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). The company had revenue of $193.06 million for the quarter, compared to the consensus estimate of $163.11 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same quarter in the previous year, the company posted $0.45 earnings per share. As a group, equities research analysts predict that Banc of California will post 1.62 EPS for the current year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders 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 dividend yield of 2.74%. Banc of California’s payout ratio is -12.66%.

Insider Activity at Banc of California

In related news, insider Robert G. Dyck sold 10,000 shares of Banc of California stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total value of $149,700.00. Following the sale, the insider now owns 24,979 shares of the company’s stock, valued at approximately $373,935.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Banc of California

A number of institutional investors have recently modified their holdings of BANC. Versant Capital Management Inc raised its holdings in shares of Banc of California by 2,466.2% during the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank’s stock worth $26,000 after buying an additional 1,825 shares in the last quarter. Lee Financial Co acquired a new position in Banc of California in the 4th quarter worth about $40,000. Longfellow Investment Management Co. LLC acquired a new position in Banc of California in the 4th quarter worth about $41,000. Anchor Investment Management LLC acquired a new position in Banc of California in the 4th quarter worth about $44,000. Finally, Avior Wealth Management LLC acquired a new position in Banc of California in the 4th quarter worth about $44,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

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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