Massachusetts Financial Services Co. MA Has $47.84 Million Stock Position in Banc of California, Inc. $BANC

Key Points

• Massachusetts Financial Services increased its stake in Banc of California by 40.0% in Q4, holding 2,480,144 shares (about $47.84 million) or ~1.64% of the company after buying an additional 708,489 shares.
• Analyst sentiment is cautiously positive with a MarketBeat consensus of "Moderate Buy" and an average price target of $20.27, amid mixed recent target revisions from major firms.
• Banc of California beat Q results with $0.42 EPS vs. $0.37 expected and recently raised its quarterly dividend to $0.12 (annualized $0.48, ~2.6% yield).

Massachusetts Financial Services Co. MA grew its position in Banc of California, Inc. (NYSE:BANC - Free Report) by 40.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,480,144 shares of the bank's stock after buying an additional 708,489 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.64% of Banc of California worth $47,842,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Triumph Capital Management acquired a new position in shares of Banc of California in the third quarter worth about $25,000. Advisory Services Network LLC acquired a new position in shares of Banc of California in the third quarter worth about $36,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of Banc of California by 145.1% during the third quarter. Aster Capital Management DIFC Ltd now owns 4,181 shares of the bank's stock worth $69,000 after purchasing an additional 2,475 shares during the period. Danske Bank A S acquired a new stake in shares of Banc of California during the third quarter worth approximately $70,000. Finally, Osaic Holdings Inc. boosted its holdings in shares of Banc of California by 210.8% during the second quarter. Osaic Holdings Inc. now owns 5,809 shares of the bank's stock worth $82,000 after purchasing an additional 3,940 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BANC has been the subject of several research reports. Wall Street Zen upgraded shares of Banc of California from a "sell" rating to a "hold" rating in a report on Saturday, January 10th. Weiss Ratings restated a "hold (c)" rating on shares of Banc of California in a report on Wednesday, January 21st. JPMorgan Chase & Co. decreased their price target on shares of Banc of California from $25.00 to $20.50 and set an "overweight" rating for the company in a report on Wednesday, April 1st. Keefe, Bruyette & Woods raised their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Friday, January 23rd. Finally, Piper Sandler reduced their target price on shares of Banc of California from $25.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, April 2nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.27.

Banc of California Trading Down 0.4%

NYSE:BANC opened at $18.50 on Wednesday. Banc of California, Inc. has a 12 month low of $12.65 and a 12 month high of $21.61. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 15.68 and a beta of 0.74. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. The company's 50 day moving average is $18.40 and its 200-day moving average is $18.48.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.05. Banc of California had a net margin of 12.59% and a return on equity of 8.66%. The company had revenue of $292.93 million for the quarter, compared to analyst estimates of $288.41 million. During the same quarter last year, the firm posted $0.28 earnings per share. Equities analysts anticipate that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th were given a $0.12 dividend. This is a positive change from Banc of California's previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, March 16th. Banc of California's payout ratio is 40.68%.

Banc of California Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.