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

Banc of California, Inc. (NYSE:BANC) was the recipient of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 8,230,155 shares, an increase of 23.4% from the February 26th total of 6,667,151 shares. Currently, 5.6% of the company’s shares are short sold. Based on an average daily trading volume, of 2,991,846 shares, the short-interest ratio is currently 2.8 days.

Analyst Ratings Changes

Several research analysts have weighed in on BANC shares. Piper Sandler increased their target price on shares of Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Keefe, Bruyette & Woods upped their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. Barclays lifted their target price on shares of Banc of California from $21.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Finally, JPMorgan Chase & Co. upped their price target on Banc of California from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Banc of California currently has a consensus rating of “Moderate Buy” and an average price target of $21.05.

Banc of California Stock Up 3.5%

Shares of BANC traded up $0.59 during mid-day trading on Tuesday, hitting $17.57. 5,986,211 shares of the company’s stock were exchanged, compared to its average volume of 3,103,549. The stock’s 50-day moving average is $18.82 and its 200-day moving average is $18.37. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California has a fifty-two week low of $11.52 and a fifty-two week high of $21.61. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 14.89 and a beta of 0.72.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.05. The firm had revenue of $292.93 million during the quarter, compared to analysts’ expectations of $288.41 million. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. During the same quarter in the previous year, the business posted $0.28 earnings per share. On average, sell-side analysts anticipate that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a dividend of $0.12 per share. This is an increase from Banc of California’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, March 16th. Banc of California’s dividend payout ratio is currently 40.68%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BANC. Royal Bank of Canada boosted its stake in shares of Banc of California by 9.4% in the 1st quarter. Royal Bank of Canada now owns 74,043 shares of the bank’s stock valued at $1,050,000 after buying an additional 6,364 shares during the period. AQR Capital Management LLC raised its holdings in Banc of California by 209.4% in the first quarter. AQR Capital Management LLC now owns 103,044 shares of the bank’s stock valued at $1,462,000 after acquiring an additional 69,739 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Banc of California by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 82,689 shares of the bank’s stock worth $1,173,000 after acquiring an additional 3,611 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Banc of California by 8.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,796,996 shares of the bank’s stock worth $53,879,000 after acquiring an additional 297,680 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Banc of California by 1.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 441,856 shares of the bank’s stock worth $6,270,000 after acquiring an additional 4,263 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

About Banc of California

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.