Banc of California (NYSE:BANC) was the target of some unusual options trading on Wednesday. Stock traders purchased 2,031 put options on the company. This represents an increase of approximately 910% compared to the typical volume of 201 put options.
Several equities analysts recently commented on the company. Zacks Investment Research downgraded Banc of California from a “hold” rating to a “sell” rating in a research note on Tuesday, April 10th. Bank of America downgraded Banc of California from a “neutral” rating to an “underperform” rating and set a $19.00 price objective on the stock. in a research note on Friday, April 6th. Piper Jaffray reissued a “buy” rating and set a $25.00 target price on shares of Banc of California in a report on Thursday, February 8th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, B. Riley cut shares of Banc of California from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $25.00 to $20.00 in a report on Thursday, February 1st. Four research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $22.00.
In other Banc of California news, insider John A. Bogler bought 20,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were purchased at an average price of $19.30 per share, for a total transaction of $386,000.00. Following the purchase, the insider now directly owns 37,500 shares of the company’s stock, valued at $723,750. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 16.89% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the company. FNY Partners Fund LP bought a new position in Banc of California in the fourth quarter worth about $103,000. JPMorgan Chase & Co. raised its stake in Banc of California by 6,699.3% in the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after buying an additional 9,312 shares in the last quarter. SG Americas Securities LLC bought a new position in Banc of California in the third quarter worth about $238,000. Teacher Retirement System of Texas bought a new position in Banc of California in the fourth quarter worth about $298,000. Finally, Gator Capital Management LLC bought a new position in shares of Banc of California during the fourth quarter valued at approximately $310,000.
NYSE BANC opened at $18.25 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 2.51. Banc of California has a 12-month low of $17.10 and a 12-month high of $23.40. The stock has a market cap of $924.60, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 2.48 and a beta of 0.88.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.07. The business had revenue of $78.87 million during the quarter, compared to analyst estimates of $84.02 million. Banc of California had a net margin of 13.28% and a return on equity of 9.93%. The company’s revenue was down 31.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 earnings per share. sell-side analysts predict that Banc of California will post 0.6 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th were issued a dividend of $0.13 per share. The ex-dividend date was Wednesday, March 14th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.85%. Banc of California’s dividend payout ratio is currently 63.41%.
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About Banc of California
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's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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