Banc of California, Inc. (NYSE:BANC) Short Interest Update

Banc of California, Inc. (NYSE:BANCGet Rating) was the target of a significant decline in short interest in May. As of May 31st, there was short interest totalling 1,180,000 shares, a decline of 18.6% from the May 15th total of 1,450,000 shares. Based on an average daily volume of 310,500 shares, the short-interest ratio is currently 3.8 days.

A number of hedge funds and other institutional investors have recently made changes to their positions in BANC. Patriot Financial Partners GP LP raised its position in Banc of California by 136.3% in the fourth quarter. Patriot Financial Partners GP LP now owns 3,452,585 shares of the bank’s stock valued at $67,740,000 after purchasing an additional 1,991,232 shares during the period. BlackRock Inc. boosted its stake in shares of Banc of California by 25.1% in the 4th quarter. BlackRock Inc. now owns 8,790,648 shares of the bank’s stock valued at $172,473,000 after buying an additional 1,766,271 shares during the period. Petiole USA ltd purchased a new position in Banc of California in the fourth quarter worth approximately $9,166,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Banc of California in the 4th quarter valued at $7,351,000. Finally, BHZ Capital Management LP lifted its position in shares of Banc of California by 1,481.5% during the 4th quarter. BHZ Capital Management LP now owns 392,402 shares of the bank’s stock worth $7,699,000 after purchasing an additional 367,590 shares during the last quarter. 92.93% of the stock is currently owned by institutional investors.

Shares of NYSE BANC traded up $0.19 during mid-day trading on Friday, reaching $17.21. 569,556 shares of the company’s stock were exchanged, compared to its average volume of 290,586. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 11.20 and a beta of 1.44. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.99 and a current ratio of 0.98. Banc of California has a 52-week low of $15.40 and a 52-week high of $22.09. The company’s 50-day moving average is $18.32 and its 200-day moving average is $19.30.

Banc of California (NYSE:BANCGet Rating) last released its quarterly earnings results on Thursday, April 21st. The bank reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.29. The business had revenue of $82.35 million during the quarter, compared to analysts’ expectations of $79.90 million. Banc of California had a return on equity of 12.00% and a net margin of 29.44%. During the same period in the prior year, the business posted $0.25 EPS. As a group, equities analysts predict that Banc of California will post 1.88 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date is Tuesday, June 14th. Banc of California’s payout ratio is 15.79%.

A number of research analysts have weighed in on the company. StockNews.com lowered Banc of California from a “buy” rating to a “hold” rating in a report on Friday, May 20th. TheStreet raised shares of Banc of California from a “c+” rating to a “b” rating in a research note on Friday, April 22nd. Raymond James downgraded shares of Banc of California from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 6th. Finally, Stephens lifted their target price on shares of Banc of California from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Monday, April 25th.

About Banc of California (Get Rating)

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

Further Reading

Want More Great Investing Ideas?

Receive News & Ratings for Banc of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Banc of California and related companies with MarketBeat.com's FREE daily email newsletter.