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

Massachusetts Financial Services Co. MA trimmed its stake in shares of Banc of California, Inc. (NYSE:BANC) by 2.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,241,044 shares of the bank’s stock after selling 63,109 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.41% of Banc of California worth $33,011,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in BANC. Fifth Third Bancorp lifted its position in shares of Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after buying an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of Banc of California in the 3rd quarter worth about $29,000. GAMMA Investing LLC lifted its position in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock worth $44,000 after buying an additional 734 shares during the last quarter. Mendon Capital Advisors Corp bought a new position in shares of Banc of California in the 2nd quarter worth about $102,000. Finally, Simplicity Wealth LLC bought a new position in shares of Banc of California in the 2nd quarter worth about $132,000. 86.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Citigroup started coverage on shares of Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price target on the stock. Barclays upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $17.00 to $18.00 in a research report on Thursday, October 31st. Raymond James lifted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company lifted their price objective 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. Finally, Truist Financial lifted their price objective 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.30.

Banc of California Stock Up 4.8 %

Banc of California stock opened at $17.77 on Tuesday. The company’s 50-day moving average price is $15.30 and its two-hundred day moving average price is $14.18. The stock has a market cap of $2.82 billion, a price-to-earnings 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, Inc. has a 52 week low of $11.36 and a 52 week high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.11. The company had revenue of $431.44 million for the quarter, compared to analysts’ expectations 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 company posted $0.30 EPS. On average, analysts expect that Banc of California, Inc. will post 0.7 EPS for the current fiscal year.

Banc of California Announces Dividend

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

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred 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 transaction, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 9.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 7.37% of the company’s stock.

Banc of California Company 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.