Massachusetts Financial Services Co. MA Has $29.45 Million Stock Position in Banc of California, Inc. (NYSE:BANC)

Massachusetts Financial Services Co. MA decreased its stake in shares of Banc of California, Inc. (NYSE:BANC) by 11.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,304,153 shares of the bank’s stock after selling 286,478 shares during the period. Massachusetts Financial Services Co. MA owned 1.47% of Banc of California worth $29,447,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Banc of California by 143.4% during the 4th quarter. Vanguard Group Inc. now owns 9,014,810 shares of the bank’s stock valued at $121,069,000 after purchasing an additional 5,311,842 shares during the period. Capital Research Global Investors acquired a new position in Banc of California during the 1st quarter valued at about $32,618,000. Goldman Sachs Group Inc. lifted its position in Banc of California by 148.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,997,802 shares of the bank’s stock valued at $40,260,000 after purchasing an additional 1,791,992 shares during the period. Dimensional Fund Advisors LP lifted its position in Banc of California by 49.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,853,903 shares of the bank’s stock valued at $65,191,000 after purchasing an additional 1,615,478 shares during the period. Finally, Hodges Capital Management Inc. lifted its position in Banc of California by 288.4% during the 1st quarter. Hodges Capital Management Inc. now owns 1,748,004 shares of the bank’s stock valued at $26,587,000 after purchasing an additional 1,298,004 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Raymond James upgraded shares of Banc of California from a “market perform” rating to an “outperform” rating and set a $16.00 target price on the stock in a research report on Tuesday. Keefe, Bruyette & Woods lowered their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, July 9th. Wedbush reaffirmed a “neutral” rating and issued a $14.00 price target on shares of Banc of California in a research note on Wednesday, July 24th. Barclays lowered their price target on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. Finally, Truist Financial upped their price target on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $15.83.

Insider Transactions at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares of the company’s stock, valued at approximately $10,077,564. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 7.37% of the company’s stock.

Banc of California Price Performance

NYSE BANC opened at $15.05 on Friday. The business has a 50 day simple moving average of $13.91 and a 200 day simple moving average of $13.91. Banc of California, Inc. has a 52-week low of $9.96 and a 52-week high of $15.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of -4.52 and a beta of 1.13.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million for the quarter, compared to the consensus estimate of $271.42 million. During the same period in the previous year, the company posted $0.32 earnings per share. Analysts anticipate that Banc of California, Inc. will post 0.61 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.66%. Banc of California’s dividend payout ratio is currently -12.01%.

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.