Banc of California (NYSE:BANC) Sees Strong Trading Volume

Banc of California, Inc. (NYSE:BANCGet Rating) shares saw an uptick in trading volume on Thursday . 21,980 shares were traded during mid-day trading, a decline of 92% from the previous session’s volume of 260,522 shares.The stock last traded at $17.43 and had previously closed at $17.15.

Several research firms have weighed in on BANC. StockNews.com lowered shares of Banc of California from a “buy” rating to a “hold” rating in a research note on Friday, May 20th. Raymond James downgraded shares of Banc of California from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 6th. Stephens increased their price target on shares of Banc of California from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Monday, April 25th. Finally, TheStreet raised shares of Banc of California from a “c+” rating to a “b” rating in a report on Friday, April 22nd.

The company has a market cap of $1.07 billion, a price-to-earnings ratio of 11.28 and a beta of 1.44. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.99 and a current ratio of 0.98. The business’s 50 day moving average price is $18.24 and its 200-day moving average price is $19.23.

Banc of California (NYSE:BANCGet Rating) last announced its quarterly earnings data on Thursday, April 21st. The bank reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.29. Banc of California had a net margin of 29.44% and a return on equity of 12.00%. The company had revenue of $82.35 million during the quarter, compared to analysts’ expectations of $79.90 million. During the same quarter in the prior year, the company posted $0.25 EPS. On average, equities research analysts expect that Banc of California, Inc. will post 1.88 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend is Tuesday, June 14th. Banc of California’s dividend payout ratio is 15.79%.

Several institutional investors have recently made changes to their positions in BANC. Point72 Hong Kong Ltd acquired a new stake in Banc of California in the 4th quarter valued at about $33,000. Strs Ohio bought a new position in Banc of California during the 4th quarter worth approximately $45,000. Captrust Financial Advisors boosted its stake in Banc of California by 63.5% during the 1st quarter. Captrust Financial Advisors now owns 3,663 shares of the bank’s stock worth $71,000 after acquiring an additional 1,423 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in Banc of California by 23.8% during the 4th quarter. Mutual of America Capital Management LLC now owns 7,391 shares of the bank’s stock worth $145,000 after acquiring an additional 1,421 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Banc of California by 90.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,674 shares of the bank’s stock worth $170,000 after acquiring an additional 4,125 shares during the last quarter. Institutional investors and hedge funds own 92.93% of the company’s stock.

About Banc of California (NYSE:BANC)

Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company offers deposit products, including checking, savings, money market, retirement, and interest-bearing and noninterest-bearing demand accounts, as well as certificate of deposits.

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