Banc of California: 0.75x Book Value, Soaring NII, 3.1% Dividend (Rating Upgrade)

Sanghwan Kim/iStock via Getty Images Shares of Banc of California, Inc. (NYSE:BANC) are undeservedly languishing and trading way below book value, a sign that investors are mispricing the regional bank, in my opinion. The bank previously acquired PacWest and has made significant progress in repaying high-cost wholesale funding sources which is set to improve Banc of California's financial performance going forward. A significant decline in borrowings has led to an upsurge in the bank's net interest margin i ...