Banc of California, Inc. (NYSE:BANC) Sees Large Increase in Short Interest

Banc of California, Inc. (NYSE:BANC) was the target of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 10,990,000 shares, a growth of 7.9% from the January 15th total of 10,190,000 shares. Based on an average daily trading volume, of 2,030,000 shares, the days-to-cover ratio is currently 5.4 days.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BANC shares. JPMorgan Chase & Co. assumed coverage on Banc of California in a research note on Friday, February 7th. They set a “neutral” rating and a $18.00 price target for the company. Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. DA Davidson lifted their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Barclays reduced their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, January 24th. Finally, Raymond James increased their target price on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.18.

Banc of California Stock Performance

Shares of BANC stock traded up $0.30 on Tuesday, hitting $15.91. 2,062,098 shares of the stock traded hands, compared to its average volume of 1,851,568. The company’s fifty day moving average is $15.88 and its 200 day moving average is $15.32. Banc of California has a 1-year low of $11.88 and a 1-year high of $18.08. The company has a market capitalization of $2.53 billion, a PE ratio of 28.40 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. On average, equities research analysts predict that Banc of California will post 1.33 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Friday, March 14th. Banc of California’s dividend payout ratio (DPR) is presently 71.43%.

Institutional Trading of Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in BANC. Crescent Grove Advisors LLC increased its position in Banc of California by 0.7% in the fourth quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank’s stock worth $1,542,000 after buying an additional 664 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Banc of California by 4.8% in the 4th quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank’s stock worth $233,000 after acquiring an additional 683 shares during the period. World Investment Advisors LLC lifted its position in Banc of California by 4.5% in the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock valued at $266,000 after purchasing an additional 779 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank’s stock valued at $55,000 after purchasing an additional 928 shares during the period. Finally, Bank of Montreal Can grew its position in Banc of California by 6.8% in the 4th quarter. Bank of Montreal Can now owns 16,341 shares of the bank’s stock worth $253,000 after purchasing an additional 1,038 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

About Banc of California

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.