Banc of California, Inc. (NYSE:BANC) Short Interest Up 9.2% in August

Banc of California, Inc. (NYSE:BANC) was the target of a large growth in short interest in August. As of August 15th, there was short interest totalling 13,350,000 shares, a growth of 9.2% from the July 31st total of 12,230,000 shares. Based on an average daily volume of 2,170,000 shares, the short-interest ratio is presently 6.2 days.

Banc of California Stock Down 1.0 %

Shares of Banc of California stock traded down $0.14 during trading hours on Monday, hitting $14.22. 1,404,600 shares of the company’s stock traded hands, compared to its average volume of 2,327,606. The company has a quick ratio of 0.83, a current 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 $15.54. The stock has a 50 day simple moving average of $13.52 and a 200-day simple moving average of $13.93. The company has a market cap of $2.24 billion, a PE ratio of -4.27 and a beta of 1.14.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a negative net margin of 21.99% and a positive return on equity of 2.12%. The business had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same quarter last year, the business earned $0.32 EPS. Equities research analysts anticipate that Banc of California will post 0.61 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.81%. Banc of California’s dividend payout ratio is presently -12.01%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Banc of California by 224.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,185 shares of the bank’s stock valued at $446,000 after purchasing an additional 22,955 shares in the last quarter. CWM LLC lifted its holdings in Banc of California by 872.1% during the 4th quarter. CWM LLC now owns 6,785 shares of the bank’s stock worth $91,000 after buying an additional 6,087 shares during the last quarter. Handelsbanken Fonder AB bought a new position in Banc of California during the 4th quarter worth approximately $172,000. New York State Common Retirement Fund grew its position in shares of Banc of California by 193.3% in the 4th quarter. New York State Common Retirement Fund now owns 53,496 shares of the bank’s stock worth $718,000 after acquiring an additional 35,256 shares in the last quarter. Finally, Yousif Capital Management LLC increased its holdings in shares of Banc of California by 148.8% in the 4th quarter. Yousif Capital Management LLC now owns 64,641 shares of the bank’s stock valued at $868,000 after acquiring an additional 38,659 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of recent research reports. Wedbush reaffirmed a “neutral” rating and set a $14.00 price target on shares of Banc of California in a research report on Wednesday, July 24th. Stephens decreased their price target on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 24th. DA Davidson lowered their price target on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a report on Wednesday, May 15th. Truist Financial boosted their price objective on Banc of California from $13.00 to $15.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler lowered their target price on Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday, May 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $15.69.

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.