Massachusetts Financial Services Co. MA Raises Stock Holdings in Banc of California, Inc. (NYSE:BANC)

Massachusetts Financial Services Co. MA raised its position in shares of Banc of California, Inc. (NYSE:BANC) by 345.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,291,541 shares of the bank’s stock after buying an additional 1,777,330 shares during the quarter. Massachusetts Financial Services Co. MA owned about 3.99% of Banc of California worth $30,775,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in Banc of California by 140.5% during the 4th quarter. Principal Financial Group Inc. now owns 681,794 shares of the bank’s stock valued at $9,156,000 after buying an additional 398,333 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Banc of California by 49.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock worth $65,191,000 after purchasing an additional 1,615,478 shares during the last quarter. Jump Financial LLC bought a new position in Banc of California in the 4th quarter worth about $342,000. BNP Paribas Financial Markets grew its position in Banc of California by 1,123.0% during the 4th quarter. BNP Paribas Financial Markets now owns 227,272 shares of the bank’s stock valued at $3,052,000 after purchasing an additional 208,689 shares during the last quarter. Finally, Montag A & Associates Inc. purchased a new stake in Banc of California during the 4th quarter valued at about $48,000. Institutional investors own 86.88% of the company’s stock.

Banc of California Trading Up 3.6 %

Banc of California stock opened at $14.60 on Friday. Banc of California, Inc. has a 12-month low of $9.96 and a 12-month high of $16.08. The firm has a 50-day moving average price of $14.42 and a 200-day moving average price of $13.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The business had revenue of $522.57 million during the quarter, compared to analysts’ expectations of $296.02 million. During the same quarter in the previous year, the business earned $0.37 EPS. Research analysts expect that Banc of California, Inc. will post 1.16 EPS for the current year.

Banc of California Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.10 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.74%. Banc of California’s payout ratio is -12.01%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wedbush cut their price target on shares of Banc of California from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Piper Sandler dropped their price objective on Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, May 13th. DA Davidson decreased their target price on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods raised shares of Banc of California from a “market perform” rating to an “outperform” rating and raised their price target for the company from $16.00 to $18.00 in a report on Friday, March 22nd. Finally, Truist Financial dropped their target price on shares of Banc of California from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and an average target price of $16.31.

Insider Buying and Selling

In other Banc of California news, CEO Jared M. Wolff acquired 7,130 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, with a total value of $99,677.40. Following the completion of the purchase, the chief executive officer now directly owns 268,695 shares in the company, valued at $3,756,356.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Banc of California news, Director Richard J. Lashley purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were acquired at an average price of $21.40 per share, with a total value of $214,000.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $214,000. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jared M. Wolff bought 7,130 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was bought at an average cost of $13.98 per share, for a total transaction of $99,677.40. Following the transaction, the chief executive officer now directly owns 268,695 shares of the company’s stock, valued at $3,756,356.10. The disclosure for this purchase can be found here. 7.37% of the stock is owned by insiders.

Banc of California Profile

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.