Banc of California Target of Unusually High Options Trading (NYSE:BANC)

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

Insiders Place Their Bets

In related 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 value of $117,000.00. Following the transaction, the insider directly owned 32,842 shares of the company’s stock, valued at approximately $640,419. This represents a 15.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.78% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Banc of California

Large investors have recently made changes to their positions in the company. Triumph Capital Management lifted its position 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 in the last quarter. Crescent Grove Advisors LLC grew its holdings in shares of Banc of California by 0.5% in the first quarter. Crescent Grove Advisors LLC now owns 102,275 shares of the bank’s stock valued at $1,810,000 after purchasing an additional 525 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Banc of California by 38.7% in the fourth 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 increased its position in 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 stake in Banc of California by 4.2% during the fourth quarter. Maryland State Retirement & Pension System now owns 19,630 shares of the bank’s stock valued at $379,000 after purchasing an additional 783 shares in the last quarter. 86.88% of the stock is owned by institutional investors.

Banc of California Price Performance

Shares of Banc of California stock traded down $0.07 on Wednesday, hitting $18.55. 187,306 shares of the company traded hands, compared to its average volume of 2,910,760. Banc of California has a 52 week low of $15.33 and a 52 week high of $21.93. The business has a 50-day simple moving average of $19.72 and a 200 day simple moving average of $19.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.89. The stock has a market capitalization of $2.94 billion, a P/E ratio of -44.18 and a beta of 0.73.

Banc of California (NYSE:BANC) last issued its earnings results 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). The company had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.Banc of California’s revenue was down 94.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 EPS. Research analysts expect that Banc of California will post 1.68 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 Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.12 per share. 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 is -114.29%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BANC shares. Wall Street Zen downgraded shares of Banc of California from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Barclays reduced their price objective on 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. Brean Capital lowered shares of Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. raised their price objective on shares of Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings downgraded shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Banc of California currently has an average rating of “Buy” and an average target price 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.