Today’s Shorts Alert: Banc California Incorporated (NYSE:BANC) on Focus After Report of More Shorts

November 25, 2016 - By Ruchi Gupta   ·   0 Comments

Today's Shorts Alert: Banc California Incorporated (NYSE:BANC) on Focus After Report of More Shorts

The stock of Banc California Incorporated (NYSE:BANC) registered an increase of 65.4% in short interest. BANC’s total short interest was 10.82 million shares in November as published by FINRA. Its up 65.4% from 6.54 million shares, reported previously. With 5.73 million shares average volume, it will take short sellers 2 days to cover their BANC’s short positions. The short interest to Banc California Incorporated’s float is 23.85%. Banc of California Inc (NYSE:BANC) has declined 22.09% since April 22, 2016 and is downtrending. It has underperformed by 27.50% the S&P500.

Banc of California, Inc. provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The company has a market cap of $778.25 million. The Bank was formed through the merger of four of Southern California’s community banking franchises. It has a 10.23 P/E ratio. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with activities conducted through over 100 banking offices across California and across the West.

Insitutional Activity: The institutional sentiment decreased to 1.15 in Q2 2016. Its down 0.42, from 1.57 in 2016Q1. The ratio dived, as 21 funds sold all Banc of California Inc shares owned while 48 reduced positions. 42 funds bought stakes while 66 increased positions. They now own 43.11 million shares or 13.44% more from 38.00 million shares in 2016Q1.
Moreover, Creative Planning has 0% invested in Banc of California Inc (NYSE:BANC) for 1,178 shares. Voya Invest Mgmt Ltd Liability holds 20,940 shares or 0% of its portfolio. Tower Rech Cap Lc (Trc) has invested 0.01% of its portfolio in Banc of California Inc (NYSE:BANC). Teachers Advsr reported 70,460 shares or 0% of all its holdings. Manufacturers Life Insurance Com The holds 0% or 32,437 shares in its portfolio. Moreover, Apriem Advsr has 0.04% invested in Banc of California Inc (NYSE:BANC) for 6,075 shares. Victory Capital Management has 0% invested in the company for 48,067 shares. Banc Funds Limited Com last reported 0.13% of its portfolio in the stock. Convergence Invest Prtn Ltd Liability Co has 0.29% invested in the company for 115,320 shares. Financial Bank Of America Corp De holds 0% or 599,372 shares in its portfolio. Schwab Charles Inv Management holds 89,900 shares or 0% of its portfolio. Prudential Financial, a New Jersey-based fund reported 215,109 shares. Eam Invsts Limited Liability Company holds 47,159 shares or 0.13% of its portfolio. Alphamark Advsrs Ltd Liability has invested 0.48% of its portfolio in Banc of California Inc (NYSE:BANC). State Street last reported 1.40 million shares in the company.

Insider Transactions: Since June 17, 2016, the stock had 1 buying transaction, and 2 selling transactions for $1.85 million net activity. The insider Seabold Jeffrey T sold 59,225 shares worth $1.15 million. 338 Banc of California Inc (NYSE:BANC) shares with value of $7,420 were bought by Sugarman Steven.

Banc of California Inc (NYSE:BANC) Ratings Coverage

Out of 6 analysts covering Banc of California (NYSE:BANC), 4 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 67% are positive. Banc of California has been the topic of 9 analyst reports since November 9, 2015 according to StockzIntelligence Inc. Raymond James downgraded the shares of BANC in a report on Monday, November 9 to “Mkt Perform” rating. The stock of Banc of California Inc (NYSE:BANC) has “Outperform” rating given on Monday, May 2 by Wells Fargo. FBR Capital maintained Banc of California Inc (NYSE:BANC) on Thursday, October 20 with “Mkt Perform” rating. The rating was upgraded by DA Davidson to “Buy” on Thursday, October 20. The stock of Banc of California Inc (NYSE:BANC) has “Buy” rating given on Monday, May 23 by UBS. As per Friday, July 1, the company rating was initiated by FBR Capital. The stock of Banc of California Inc (NYSE:BANC) has “Outperform” rating given on Wednesday, May 4 by Raymond James.

BANC Company Profile

Banc of California, Inc., incorporated on March 25, 2002, 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 activities conducted through over 100 banking offices across California and across the West. The Bank’s deposit product and service offerings include checking, savings, money market, certificates of deposit, retirement accounts, as well as online, telephone and mobile banking, automated bill payment, cash and treasury management, master demand accounts, foreign exchange, interest rate swaps, trust services, card payment services, remote and mobile deposit capture, Automated Clearing House (ACH) origination, wire transfer, direct deposit and safe deposit boxes. As of date March 31, 2016, its clients have the ability to access their accounts through a network of over 55,000 Automated teller machines (ATMs).

More notable recent Banc of California Inc (NYSE:BANC) news were published by: Bloomberg.com which released: “Banc of California CFO Resigns After Less Than Year on Job” on September 20, 2016, also Fool.com with their article: “Why Shares of Banc of California, Inc. Are Plunging Today” published on October 18, 2016, Latimes.com published: “Banc of California under pressure to investigate links to convicted fraudster” on November 01, 2016. More interesting news about Banc of California Inc (NYSE:BANC) were released by: Prnewswire.com and their article: “Banc of California Announces Sale of Commercial Equipment Finance Division and …” published on October 28, 2016 as well as Prnewswire.com‘s news article titled: “BANC OF CALIFORNIA INVESTOR REMINDER: Hagens Berman Reminds Investors in Banc …” with publication date: November 08, 2016.

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By Ruchi Gupta


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