Traders Buy Large Volume of Banc of California Call Options (NYSE:BANC)

Banc of California, Inc. (NYSE:BANC) saw some unusual options trading on Thursday. Stock traders acquired 7,500 call options on the stock. This represents an increase of approximately 424% compared to the typical daily volume of 1,432 call options.

Banc of California Stock Down 0.6%

Shares of BANC stock traded down $0.11 during mid-day trading on Thursday, hitting $19.54. The stock had a trading volume of 585,915 shares, compared to its average volume of 2,873,887. Banc of California has a 12-month low of $13.24 and a 12-month high of $21.61. The firm has a market capitalization of $3.01 billion, a P/E ratio of 14.94 and a beta of 0.74. The firm’s 50-day moving average is $18.69 and its two-hundred day moving average is $19.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $286.95 million for the quarter, compared to analyst estimates of $291.28 million. Banc of California had a return on equity of 9.25% and a net margin of 13.58%.The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 earnings per share. On average, analysts predict that Banc of California will post 1.72 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, June 15th. Banc of California’s dividend payout ratio is 36.64%.

Hedge Funds Weigh In On Banc of California

Several institutional investors and hedge funds have recently bought and sold shares of BANC. Glenmede Trust Co. NA purchased a new stake in shares of Banc of California during the 1st quarter valued at $246,000. Western Wealth Management LLC purchased a new position in Banc of California during the 1st quarter worth $29,000. Bank of America Corp DE increased its position in Banc of California by 219.1% during the 1st quarter. Bank of America Corp DE now owns 1,227,555 shares of the bank’s stock valued at $21,580,000 after buying an additional 842,879 shares in the last quarter. Amundi raised its stake in Banc of California by 44.7% in the first quarter. Amundi now owns 37,042 shares of the bank’s stock valued at $651,000 after buying an additional 11,434 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in Banc of California by 55.4% in the first quarter. California State Teachers Retirement System now owns 186,246 shares of the bank’s stock valued at $3,274,000 after buying an additional 66,381 shares during the last quarter. 86.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BANC. Wells Fargo & Company increased their price objective on shares of Banc of California from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Monday, March 30th. DA Davidson reaffirmed a “buy” rating and set a $24.00 target price on shares of Banc of California in a research note on Tuesday, April 28th. Piper Sandler increased their price target on Banc of California from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. JPMorgan Chase & Co. raised their price target on Banc of California from $20.50 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Finally, Weiss Ratings cut Banc of California from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Banc of California currently has an average rating of “Buy” and an average price target of $22.31.

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.