Banc of California Inc (NYSE:BANC) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,240,000 shares, a drop of 11.7% from the September 30th total of 3,670,000 shares. Currently, 6.7% of the company’s shares are sold short. Based on an average trading volume of 337,500 shares, the days-to-cover ratio is presently 9.6 days.
A number of analysts recently issued reports on BANC shares. ValuEngine lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Wells Fargo & Co decreased their target price on shares of Banc of California from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Raymond James lowered shares of Banc of California from an “outperform” rating to a “market perform” rating in a research report on Monday, September 16th. Zacks Investment Research upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Tuesday, October 15th. Finally, Sandler O’Neill downgraded shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Banc of California currently has a consensus rating of “Hold” and an average price target of $16.33.
NYSE:BANC traded down $0.07 during trading hours on Friday, reaching $14.66. 156,731 shares of the company were exchanged, compared to its average volume of 384,990. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market cap of $749.51 million, a price-to-earnings ratio of 29.92, a PEG ratio of 1.88 and a beta of 1.33. Banc of California has a 52-week low of $12.22 and a 52-week high of $17.66. The stock has a 50 day simple moving average of $14.24 and a 200 day simple moving average of $14.23.
Banc of California (NYSE:BANC) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported ($0.45) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.68). The company had revenue of $62.10 million for the quarter, compared to analysts’ expectations of $69.70 million. Banc of California had a return on equity of 7.67% and a net margin of 4.79%. The business’s revenue for the quarter was down 19.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.07 EPS. On average, analysts predict that Banc of California will post 0.71 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the business. Bank of Montreal Can raised its stake in Banc of California by 485.3% during the second quarter. Bank of Montreal Can now owns 4,413 shares of the bank’s stock worth $62,000 after purchasing an additional 3,659 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Banc of California by 13.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 14,720 shares of the bank’s stock valued at $202,000 after acquiring an additional 1,786 shares during the period. Mason Street Advisors LLC raised its stake in shares of Banc of California by 6.6% in the 3rd quarter. Mason Street Advisors LLC now owns 15,232 shares of the bank’s stock valued at $215,000 after acquiring an additional 941 shares during the period. Aperio Group LLC purchased a new position in shares of Banc of California in the 2nd quarter valued at $261,000. Finally, State of Tennessee Treasury Department raised its stake in shares of Banc of California by 8.5% in the 3rd quarter. State of Tennessee Treasury Department now owns 18,936 shares of the bank’s stock valued at $268,000 after acquiring an additional 1,489 shares during the period. 99.68% of the stock is currently owned by institutional investors.
Banc of California Company Profile
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 and noninterest-bearing demand accounts, as well as certificates of deposits.
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