Banc of California Target of Unusually Large Options Trading (BANC)

Banc of California Inc (NYSE:BANC) saw unusually large options trading on Thursday. Stock investors acquired 3,155 put options on the stock. This is an increase of approximately 4,609% compared to the average daily volume of 67 put options.

Shares of Banc of California (NYSE:BANC) opened at $20.65 on Friday. Banc of California has a 1 year low of $14.80 and a 1 year high of $23.40. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 2.51. The firm has a market capitalization of $1,030.00, a PE ratio of 32.78, a PEG ratio of 1.47 and a beta of 0.97.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.07. Banc of California had a return on equity of 9.93% and a net margin of 13.28%. The business had revenue of $78.87 million for the quarter, compared to analysts’ expectations of $84.02 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. The company’s revenue was down 31.7% compared to the same quarter last year. research analysts expect that Banc of California will post 1.16 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 15th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Thursday, December 14th. Banc of California’s dividend payout ratio (DPR) is 82.54%.

Several equities research analysts have recently weighed in on the company. FBR & Co reaffirmed a “buy” rating and issued a $24.00 target price on shares of Banc of California in a research report on Thursday, October 26th. FIG Partners downgraded Banc of California from a “market perform” rating to an “underperform” rating in a research report on Friday. ValuEngine downgraded Banc of California from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research raised Banc of California from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Monday, January 1st. Finally, BidaskClub downgraded Banc of California from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $23.50.

Several large investors have recently added to or reduced their stakes in the stock. FNY Partners Fund LP acquired a new position in shares of Banc of California in the fourth quarter worth about $103,000. Boston Advisors LLC lifted its stake in shares of Banc of California by 14.5% in the fourth quarter. Boston Advisors LLC now owns 228,383 shares of the bank’s stock worth $4,716,000 after acquiring an additional 28,970 shares in the last quarter. Hennessy Advisors Inc. lifted its stake in shares of Banc of California by 20.8% in the fourth quarter. Hennessy Advisors Inc. now owns 465,000 shares of the bank’s stock worth $9,602,000 after acquiring an additional 80,000 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Banc of California by 2.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 182,827 shares of the bank’s stock worth $3,776,000 after acquiring an additional 3,936 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in shares of Banc of California by 18.4% in the third quarter. Public Employees Retirement System of Ohio now owns 111,133 shares of the bank’s stock worth $2,306,000 after acquiring an additional 17,241 shares in the last quarter.

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About Banc of California

Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.

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