Short Interest in Banc of California Inc. (BANC) Rises By 65.4%
Banc of California Inc. (NYSE:BANC) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 10,822,454 shares, an increase of 65.4% from the October 14th total of 6,543,426 shares. Approximately 23.8% of the shares of the stock are sold short. Based on an average daily volume of 5,725,828 shares, the days-to-cover ratio is currently 1.9 days.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Wednesday, October 19th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.17. Banc of California had a net margin of 16.74% and a return on equity of 16.93%. During the same period last year, the company earned $0.29 earnings per share.
A number of equities research analysts have weighed in on the company. FIG Partners cut Banc of California from a “market perform” rating to an “underperform” rating in a research note on Wednesday, August 17th. Zacks Investment Research raised Banc of California from a “sell” rating to a “hold” rating in a research note on Monday, July 25th. FBR & Co reaffirmed a “hold” rating on shares of Banc of California in a research report on Friday, July 22nd. Wells Fargo & Co. reaffirmed an “outperform” rating on shares of Banc of California in a research report on Friday, October 21st. Finally, DA Davidson raised Banc of California from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Thursday, October 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Banc of California has an average rating of “Buy” and a consensus target price of $20.00.
In other news, insider Jeffrey T. Seabold sold 39,919 shares of Banc of California stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $17.63, for a total transaction of $703,771.97. Following the sale, the insider now directly owns 241,841 shares of the company’s stock, valued at $4,263,656.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.13% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Walleye Trading LLC purchased a new position in shares of Banc of California during the second quarter valued at approximately $102,000. Teacher Retirement System of Texas increased its position in shares of Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock valued at $106,000 after buying an additional 1,908 shares during the last quarter. PineBridge Investments L.P. purchased a new position in shares of Banc of California during the second quarter valued at approximately $113,000. Mason Street Advisors LLC purchased a new position in shares of Banc of California during the second quarter valued at approximately $174,000. Finally, Municipal Employees Retirement System of Michigan increased its position in shares of Banc of California by 2.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 10,900 shares of the company’s stock valued at $190,000 after buying an additional 250 shares during the last quarter. Institutional investors and hedge funds own 87.36% of the company’s stock.
Banc of California Company Profile
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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