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

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

Banc of California Stock Down 1.4%

Shares of Banc of California stock traded down $0.26 during trading hours on Thursday, hitting $18.02. 175,267 shares of the company’s stock traded hands, compared to its average volume of 2,747,204. Banc of California has a twelve month low of $11.52 and a twelve month high of $21.61. The company has a market cap of $2.73 billion, a PE ratio of 15.27 and a beta of 0.72. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The stock has a 50 day simple moving average of $19.94 and a 200-day simple moving average of $18.28.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The business had revenue of $292.93 million during the quarter, compared to analyst estimates 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 firm earned $0.28 earnings per share. Equities research analysts anticipate that Banc of California will post 1.31 earnings per share for the current fiscal year.

Banc of California Increases Dividend

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

Institutional Trading of Banc of California

Several hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. increased its position in shares of Banc of California by 3.1% during the 4th quarter. Invesco Ltd. now owns 6,010,260 shares of the bank’s stock valued at $115,938,000 after purchasing an additional 181,029 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in Banc of California by 44.6% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 24,463 shares of the bank’s stock valued at $472,000 after buying an additional 7,551 shares in the last quarter. XTX Topco Ltd grew its stake in shares of Banc of California by 93.4% in the 4th quarter. XTX Topco Ltd now owns 38,993 shares of the bank’s stock worth $752,000 after purchasing an additional 18,833 shares during the last quarter. VARCOV Co. acquired a new position in Banc of California in the fourth quarter worth approximately $204,000. Finally, Polymer Capital Management US LLC acquired a new position in shares of Banc of California in the 4th quarter worth $345,000. Institutional investors own 86.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BANC. Wall Street Zen raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Keefe, Bruyette & Woods raised their price objective on Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. lifted their price objective on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Piper Sandler increased their target price on Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.86.

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.