Banc of California Sees Unusually Large Options Volume (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) saw unusually large options trading activity on Wednesday. Stock investors bought 2,803 call options on the stock. This is an increase of 217% compared to the average volume of 885 call options.

Insider Activity

In other Banc of California news, insider Olivia Lindsay sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the completion of the transaction, the insider owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.78% of the company’s stock.

Hedge Funds Weigh In On Banc of California

Large investors have recently modified their holdings of the stock. Triumph Capital Management raised its position in Banc of California by 32.8% during the 4th quarter. Triumph Capital Management now owns 2,025 shares of the bank’s stock valued at $39,000 after purchasing an additional 500 shares in the last quarter. Crescent Grove Advisors LLC boosted its holdings in Banc of California by 0.5% in the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock worth $1,810,000 after acquiring an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC grew 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 purchasing an additional 564 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Banc of California by 4.5% in the fourth 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. Finally, Maryland State Retirement & Pension System raised its position in Banc of California by 4.2% during the 4th quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock worth $379,000 after buying an additional 783 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

BANC stock traded down $0.07 during mid-day trading on Wednesday, hitting $18.55. The company had a trading volume of 187,306 shares, compared to its average volume of 2,910,760. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of -44.22 and a beta of 0.73. Banc of California has a 12-month low of $15.33 and a 12-month high of $21.93. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average price of $19.72 and a 200 day moving average price of $19.03.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($2.01). Banc of California had a negative net margin of 1.44% and a positive return on equity of 7.98%. The firm had revenue of $16.41 million for the quarter, compared to analysts’ expectations of $295.32 million. During the same quarter in the previous year, the business earned $0.31 EPS. The company’s revenue for the quarter was down 94.0% on a year-over-year basis. On average, research analysts anticipate that Banc of California will post 1.68 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Banc of California’s dividend payout ratio (DPR) is presently -114.29%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BANC. Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Barclays cut their target price on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Monday, August 3rd. Wells Fargo & Company initiated coverage on shares of Banc of California in a research note on Monday, August 10th. They issued an “overweight” rating and a $23.00 price objective on the stock. Brean Capital downgraded shares of Banc of California from a “buy” rating to a “neutral” rating in a report on Thursday, July 30th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Banc of California from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $22.62.

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.