Stock Traders Buy High Volume of Banc of California Put Options (BANC)
Banc of California, Inc. (NYSE:BANC) saw some unusual options trading on Monday. Stock traders purchased 4,295 put options on the stock. This is an increase of 1,304% compared to the typical volume of 306 put options.
A number of hedge funds and other institutional investors have recently made changes to their positions in BANC. Oppenheimer Asset Management Inc. lifted its position in shares of Banc of California by 13.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock worth $129,000 after acquiring an additional 718 shares in the last quarter. Massey Quick Simon & CO. LLC purchased a new stake in shares of Banc of California during the third quarter worth $179,000. Quantbot Technologies LP lifted its position in shares of Banc of California by 193.0% during the third quarter. Quantbot Technologies LP now owns 9,322 shares of the bank’s stock worth $193,000 after acquiring an additional 6,140 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Banc of California by 6,699.3% during the third quarter. JPMorgan Chase & Co. now owns 9,451 shares of the bank’s stock worth $195,000 after acquiring an additional 9,312 shares in the last quarter. Finally, Suntrust Banks Inc. purchased a new stake in shares of Banc of California during the second quarter worth $231,000.
BANC has been the subject of several recent analyst reports. BidaskClub raised Banc of California from a “sell” rating to a “hold” rating in a report on Wednesday, November 1st. Keefe, Bruyette & Woods set a $20.00 target price on Banc of California and gave the company a “hold” rating in a report on Monday, August 28th. Zacks Investment Research raised Banc of California from a “strong sell” rating to a “hold” rating in a report on Monday, October 9th. ValuEngine raised Banc of California from a “hold” rating to a “buy” rating in a report on Tuesday, September 12th. Finally, FBR & Co reissued a “buy” rating and set a $24.00 price objective on shares of Banc of California in a report on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Banc of California currently has a consensus rating of “Hold” and an average price target of $22.67.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.04. Banc of California had a return on equity of 11.78% and a net margin of 15.48%. The business had revenue of $93.40 million during the quarter, compared to analyst estimates of $84.24 million. During the same period in the prior year, the company earned $0.59 earnings per share. equities research analysts predict that Banc of California will post 0.88 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.48%. The ex-dividend date is Thursday, December 14th. Banc of California’s dividend payout ratio (DPR) is 45.61%.
About Banc of California
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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