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

Massachusetts Financial Services Co. MA reduced its position in Banc of California, Inc. (NYSE:BANC) by 2.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,241,044 shares of the bank’s stock after selling 63,109 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Banc of California were worth $33,011,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Banc of California by 17.6% during the first quarter. Vanguard Group Inc. now owns 10,597,751 shares of the bank’s stock worth $161,192,000 after purchasing an additional 1,582,941 shares during the period. American Century Companies Inc. boosted its holdings in shares of Banc of California by 25.9% during the second quarter. American Century Companies Inc. now owns 3,222,376 shares of the bank’s stock worth $41,182,000 after purchasing an additional 663,061 shares during the period. Hodges Capital Management Inc. boosted its holdings in shares of Banc of California by 13.6% during the second quarter. Hodges Capital Management Inc. now owns 1,986,246 shares of the bank’s stock worth $25,384,000 after purchasing an additional 238,242 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Banc of California by 461.6% during the third quarter. Assenagon Asset Management S.A. now owns 651,695 shares of the bank’s stock worth $9,599,000 after purchasing an additional 535,654 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of Banc of California by 5.7% during the second quarter. Sei Investments Co. now owns 535,193 shares of the bank’s stock worth $6,840,000 after purchasing an additional 28,991 shares during the period. 86.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 9.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 7.37% of the company’s stock.

Banc of California Trading Up 4.8 %

Shares of BANC stock opened at $17.77 on Tuesday. Banc of California, Inc. has a 1 year low of $11.36 and a 1 year high of $18.08. The firm’s fifty day simple moving average is $15.30 and its 200 day simple moving average is $14.18. The firm has a market capitalization of $2.82 billion, a P/E ratio of -4.16 and a beta of 1.13. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter in the previous year, the firm posted $0.30 EPS. As a group, sell-side analysts predict that Banc of California, Inc. will post 0.7 EPS for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.25%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Citigroup assumed coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 target price for the company. Wedbush lifted their target price on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. DA Davidson lifted their price target on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Truist Financial lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Finally, Wells Fargo & Company lifted their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.30.

About Banc of California

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.