Banc of California (NYSE:BANC) Sees Unusually-High Trading Volume – What’s Next?

Banc of California, Inc. (NYSE:BANC) shares saw an uptick in trading volume on Tuesday . 5,198,229 shares were traded during trading, an increase of 118% from the previous session’s volume of 2,383,190 shares.The stock last traded at $19.7650 and had previously closed at $20.38.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BANC. Raymond James Financial upgraded shares of Banc of California from an “outperform” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. DA Davidson lifted their target price on Banc of California from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Wall Street Zen raised Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. Piper Sandler raised their price target on Banc of California from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Banc of California currently has an average rating of “Moderate Buy” and a consensus target price of $20.86.

Banc of California Stock Down 2.5%

The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a market cap of $3.01 billion, a P/E ratio of 16.84 and a beta of 0.72. The firm has a 50-day simple moving average of $19.75 and a two-hundred day simple moving average of $17.56.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, beating the consensus estimate of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The business had revenue of $292.93 million for the quarter, compared to the consensus estimate of $288.41 million. During the same period in the prior year, the company posted $0.28 earnings per share. Equities research analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.40 dividend on an annualized basis and a yield of 2.0%. Banc of California’s dividend payout ratio is currently 33.90%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Triumph Capital Management bought a new position in Banc of California in the 3rd quarter valued at about $25,000. Orion Capital Management LLC bought a new position in Banc of California in the fourth quarter valued at approximately $35,000. Advisory Services Network LLC acquired a new position in Banc of California during the third quarter valued at approximately $36,000. Aster Capital Management DIFC Ltd lifted its stake in Banc of California by 145.1% during the third quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank’s stock worth $69,000 after purchasing an additional 2,475 shares during the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Banc of California in the 3rd quarter valued at $70,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Company Profile

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.