Massachusetts Financial Services Co. MA Takes Position in Banc of California, Inc. (NYSE:BANC)

Massachusetts Financial Services Co. MA bought a new position in Banc of California, Inc. (NYSE:BANCFree Report) in the third quarter, HoldingsChannel reports. The institutional investor bought 514,211 shares of the bank’s stock, valued at approximately $6,366,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Chartwell Investment Partners LLC bought a new stake in shares of Banc of California in the third quarter worth $625,000. Quantbot Technologies LP grew its holdings in shares of Banc of California by 154.2% in the third quarter. Quantbot Technologies LP now owns 30,335 shares of the bank’s stock worth $376,000 after acquiring an additional 18,402 shares during the period. Barclays PLC grew its holdings in shares of Banc of California by 40.8% in the third quarter. Barclays PLC now owns 190,308 shares of the bank’s stock worth $2,357,000 after acquiring an additional 55,118 shares during the period. Illinois Municipal Retirement Fund bought a new stake in shares of Banc of California in the third quarter worth $391,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Banc of California by 69.7% in the third quarter. Victory Capital Management Inc. now owns 1,876,594 shares of the bank’s stock worth $23,232,000 after acquiring an additional 770,938 shares during the period. Institutional investors own 88.55% of the company’s stock.

Banc of California Price Performance

Shares of Banc of California stock opened at $13.24 on Monday. The stock’s 50-day simple moving average is $13.21 and its 200-day simple moving average is $12.68. Banc of California, Inc. has a 52 week low of $9.72 and a 52 week high of $18.26. The company has a market capitalization of $760.56 million, a price-to-earnings ratio of -4.19 and a beta of 1.16. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANCGet Free Report) last announced its quarterly earnings data on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing the consensus estimate of ($0.28) by ($4.27). Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. The business had revenue of $193.06 million during the quarter, compared to analysts’ expectations of $163.11 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, analysts expect that Banc of California, Inc. will post 1.59 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.02%. Banc of California’s dividend payout ratio is currently -12.66%.

Insider Buying and Selling

In other Banc of California news, insider Robert G. Dyck sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $14.97, for a total transaction of $149,700.00. Following the sale, the insider now directly owns 24,979 shares of the company’s stock, valued at $373,935.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Robert G. Dyck sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $14.97, for a total transaction of $149,700.00. Following the transaction, the insider now directly owns 24,979 shares of the company’s stock, valued at $373,935.63. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard J. Lashley sold 200,000 shares of the company’s stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $12.67, for a total transaction of $2,534,000.00. Following the completion of the sale, the director now directly owns 2,463,143 shares of the company’s stock, valued at $31,208,021.81. The disclosure for this sale can be found here. 7.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BANC. Truist Financial lifted their price objective on Banc of California from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Tuesday, January 30th. StockNews.com assumed coverage on Banc of California in a research report on Monday, January 29th. They set a “hold” rating on the stock. Finally, Wedbush lifted their target price on Banc of California from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, January 26th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $16.50.

Check Out Our Latest Analysis on BANC

Banc of California Company Profile

(Free Report)

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services to small and medium-size businesses in California. It offers personal banking products and services, including checking account, debit Mastercard, certificates of deposit, and savings and money market accounts, as well as online and mobile banking services; personal credit cards; and specialty banking services.

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Want to see what other hedge funds are holding BANC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Banc of California, Inc. (NYSE:BANCFree Report).

Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

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