Banc of California Inc. (BANC) Short Interest Update
Banc of California Inc. (NYSE:BANC) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 5,751,491 shares, an increase of 65.8% from the September 15th total of 3,468,094 shares. Approximately 12.7% of the shares of the company are sold short. Based on an average daily volume of 1,235,844 shares, the days-to-cover ratio is presently 4.7 days.
BANC has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Monday, July 25th. FBR & Co reissued a “hold” rating on shares of Banc of California in a research report on Friday, July 22nd. Finally, FIG Partners cut shares of Banc of California from a “market perform” rating to an “underperform” rating in a research report on Wednesday, August 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $21.00.
In other Banc of California news, insider Jeffrey T. Seabold sold 39,919 shares of Banc of California stock in a transaction on Friday, September 30th. The shares were sold at an average price of $17.63, for a total transaction of $703,771.97. Following the completion of the transaction, the insider now directly owns 241,841 shares of the company’s stock, valued at $4,263,656.83. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.13% of the company’s stock.
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A number of large investors have recently added to or reduced their stakes in BANC. Walleye Trading LLC bought a new stake in Banc of California during the second quarter worth approximately $102,000. Teacher Retirement System of Texas raised its stake in shares of Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock valued at $106,000 after buying an additional 1,908 shares in the last quarter. PineBridge Investments L.P. acquired a new stake in shares of Banc of California during the second quarter valued at about $113,000. Mason Street Advisors LLC acquired a new stake in shares of Banc of California during the second quarter valued at about $174,000. Finally, Guggenheim Capital LLC acquired a new stake in shares of Banc of California during the second quarter valued at about $235,000. 87.76% of the stock is owned by institutional investors and hedge funds.
Shares of Banc of California (NYSE:BANC) opened at 15.87 on Tuesday. Banc of California has a 52-week low of $12.11 and a 52-week high of $23.24. The company has a market cap of $789.14 million, a PE ratio of 10.43 and a beta of 0.76. The company’s 50-day moving average is $19.35 and its 200 day moving average is $19.77.
Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. Banc of California had a return on equity of 14.90% and a net margin of 14.65%. During the same period last year, the company posted $0.32 earnings per share. On average, analysts anticipate that Banc of California will post $1.64 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Tuesday, September 13th. Banc of California’s payout ratio is currently 32.65%.
Banc of California Company Profile
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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