August 30, 2023 – Banc of California, Inc. (NYSE:BANC) has experienced a significant increase in short interest during the month of August. Short interest reached a total of 2,930,000 shares as of August 15th, representing a growth of 19.1% from the previous month’s total of 2,460,000 shares. With an average daily volume of 1,070,000 shares, the days-to-cover ratio currently stands at 2.7 days.
Recent activity in hedge funds indicates both buying and selling of Banc of California shares. Quantbot Technologies LP increased its holdings by 158.3% during the second quarter and now owns 3,100 shares valued at $54,000. Point72 Middle East FZE also purchased a new stake in Banc of California worth approximately $54,000. Captrust Financial Advisors saw a stake increase by 63.5% during the first quarter and now holds 3,663 shares with an estimated value of $71,000. Tower Research Capital LLC TRC expanded its stake by 34.6% during the second quarter and currently owns 4,148 shares valued at $48,000. Additionally, Advisor Group Holdings Inc.’s position in Banc of California has risen by 14.9% since the fourth quarter to reach holdings amounting to 7,649 shares valued at $122,000.
In other news related to the company’s insider trading activity recorded on June 5th this year; Director Joseph J. Rice acquired 7,500 shares with an average cost per share of $11.25 for a total value of $84,3750 . Following this transaction completion date noted in documents filed with the SEC on their website is June ,Joseph J.Rice presently owns approximately
9,,500shares valued at around$106 ,875.It is also disclosed that company insiders now hold around 7.37% of Banc of California’s stock.
Shares of Banc of California began trading at $12.33 on Tuesday, reflecting a market capitalization of $708.11 million and a P/E ratio of 8.74. The beta stands at 1.26, indicating the stock’s sensitivity relative to the overall market movement. The company possesses a quick ratio and current ratio of 1.05, along with a debt-to-equity ratio of 1.49.This financial institution has witnessed its shares reach a 52-week low of $9.72 and a high of $18.26.Analysts also note that it currently holds a 50-day moving average price worth $12.69 and a 200-day average moving price value of $12.95.
Banc of California (NYSE:BANC) announced its quarterly earnings data on July 25th,2022.The bank successfully surpassed analysts’ consensus estimates by reporting an earnings per share figure for the quarter amounting to $0.32 leading by an additional penny compared to the expected figure.Earnings Report from Banc Of California demonstrated they secured return on equity reaching up to 9,78% as well as net margins reaching as high as19:01%Banc Of California also revealed their revenue figures reaching over
$75-66million during this particular quarter displaying slightly lower value than analyst news projections selling.They estimate that based upon their sales progress in current year not accounting for any other concerns or developments for the rest remainder ,approximately about EPS will sit near$1-26
Banc of California, Inc.
Updated on: 05/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
DCF: Strong Buy
12:00 PM (UTC)
Date:05 December, 2023
|Analyst / firm||Rating|
Banc of California Exceeds Q2 Earnings Estimates, Receives Mixed Analyst Ratings
Banc of California, a prominent bank listed on the New York Stock Exchange under the ticker symbol BANC, recently provided its quarterly earnings data on July 25th, 2023. The results revealed that the bank exceeded analysts’ consensus estimates, with earnings per share (EPS) of $0.32 for the quarter, surpassing the anticipated $0.31 by $0.01.
Moreover, Banc of California’s return on equity (ROE) stood at an impressive 9.78%, indicating efficient utilization of shareholders’ investments. Additionally, the bank boasted a net margin of 19.01%, exhibiting profitability in its operations. While these figures indicate strong financial performance, the bank’s revenue amounted to $75.66 million during the quarter, slightly below analyst expectations of $76.23 million.
In light of these quarterly results, sell-side analysts predict that Banc of California will achieve an EPS figure of 1.26 for the current year—an encouraging projection for stakeholders and investors alike.
Due to this notable performance, several research firms have recently released reports assessing Banc of California’s prospects and value as an investment opportunity. Keefe, Bruyette & Woods downgraded their rating on Banc of California from “outperform” to “market perform,” setting a target price of $16.00 for the company in their research report published on Monday, July 31st.
Contrarily, DA Davidson raised their target price for Banc of California shares from $17.50 to $21.50 in their research note released on Wednesday, July 26th—a positive outlook for potential investors.
On May 12th earlier this year, TheStreet also expressed its opinion about Banc of California’s stock by downgrading it from a “b-” rating to a “c+,” reflecting slight caution regarding its investment potential.
Another recent report worth mentioning is by StockNews.com, which initiated coverage on Banc of California on August 17th, 2023. They gave the bank a “sell” rating, further diversifying viewpoints on the future prospects of the institution.
As investors seek comprehensive information to make sound investment decisions, it is advisable to keep an eye on these research reports concerning Banc of California. They provide valuable insights into the bank’s performance and help one assess its potential for growth and profitability.