Banc of California, Inc. (NYSE:BANC) Short Interest Down 19.4% in February

Banc of California, Inc. (NYSE:BANC) was the target of a significant drop in short interest during the month of February. As of February 13th, there was short interest totaling 6,991,774 shares, a drop of 19.4% from the January 29th total of 8,673,664 shares. Approximately 4.7% of the company’s shares are short sold. Based on an average daily volume of 3,841,165 shares, the days-to-cover ratio is currently 1.8 days. Based on an average daily volume of 3,841,165 shares, the days-to-cover ratio is currently 1.8 days. Approximately 4.7% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BANC. JPMorgan Chase & Co. upped their price objective on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Barclays boosted their price target on Banc of California from $21.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Piper Sandler raised their price objective on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. One equities research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.86.

Institutional Investors Weigh In On Banc of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Triumph Capital Management lifted its stake in shares of Banc of California by 32.8% in the fourth quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock worth $39,000 after buying an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Banc of California by 38.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,023 shares of the bank’s stock worth $39,000 after acquiring an additional 564 shares during the last quarter. Amalgamated Bank boosted its holdings in Banc of California by 1.6% during the third quarter. Amalgamated Bank now owns 37,460 shares of the bank’s stock valued at $620,000 after acquiring an additional 585 shares during the period. Crescent Grove Advisors LLC increased its stake in shares of Banc of California by 0.6% in the fourth quarter. Crescent Grove Advisors LLC now owns 101,750 shares of the bank’s stock worth $1,973,000 after purchasing an additional 610 shares during the period. Finally, CIBC Asset Management Inc lifted its position in shares of Banc of California by 4.5% during the 4th quarter. CIBC Asset Management Inc now owns 14,652 shares of the bank’s stock worth $283,000 after purchasing an additional 637 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Stock Performance

Shares of BANC traded down $0.26 during midday trading on Tuesday, hitting $18.03. 3,985,647 shares of the stock traded hands, compared to its average volume of 2,805,137. 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 1-year low of $11.52 and a 1-year high of $21.61. The business’s 50 day moving average price is $20.00 and its two-hundred day moving average price is $18.26. The firm has a market capitalization of $2.73 billion, a PE ratio of 15.28 and a beta of 0.73.

Banc of California (NYSE:BANC) last posted its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.05. The business had revenue of $292.93 million during the quarter, compared to the consensus estimate 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 prior year, the company posted $0.28 earnings per share. Equities research analysts predict that Banc of California will post 1.31 EPS for the current fiscal year.

Banc of California Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, March 16th. This is a positive change from Banc of California’s previous quarterly dividend of $0.10. Banc of California’s payout ratio is presently 33.90%.

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.