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

Banc of California, Inc. (NYSE:BANC) was the target of a large growth in short interest in 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 trading volume of 2,190,000 shares, the days-to-cover ratio is presently 7.1 days.

Banc of California Price Performance

NYSE:BANC traded down $0.07 on Monday, hitting $12.71. The company had a trading volume of 739,854 shares, compared to its average volume of 2,393,004. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of -3.77 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $13.66 and a two-hundred day moving average of $13.85. Banc of California has a 52 week low of $9.96 and a 52 week high of $16.08.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). The company had revenue of $522.57 million during the quarter, compared to the consensus estimate of $296.02 million. Banc of California had a negative net margin of 29.10% and a positive return on equity of 2.25%. During the same period in the previous year, the company earned $0.37 EPS. On average, research analysts anticipate that Banc of California will post 1.07 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Friday, June 14th. Banc of California’s payout ratio is currently -12.01%.

Insider Activity at Banc of California

In related news, CEO Jared M. Wolff acquired 7,130 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were acquired at an average cost of $13.98 per share, with a total value of $99,677.40. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Banc of California

Several large investors have recently modified their holdings of the business. Versant Capital Management Inc increased its position in shares of Banc of California by 2,466.2% during the fourth 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 during the period. Riverview Trust Co acquired a new stake in shares of Banc of California during the first quarter worth $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the first quarter worth $30,000. Lee Financial Co acquired a new stake in Banc of California in the fourth quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in Banc of California in the fourth quarter worth $41,000. Institutional investors own 86.88% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. 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 research report on Wednesday, April 24th. Wells Fargo & Company upped their target price on shares of Banc of California from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Wednesday, April 10th. Piper Sandler dropped their target price on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 13th. DA Davidson dropped their target price on shares of Banc of California from $20.00 to $17.50 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Finally, StockNews.com raised shares of Banc of California to a “sell” rating in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $16.31.

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.