Wellington Management Group LLP Has $83.38 Million Position in Banc of California, Inc. (NYSE:BANC)

Wellington Management Group LLP boosted its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 274.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,393,076 shares of the bank's stock after purchasing an additional 3,953,380 shares during the quarter. Wellington Management Group LLP owned about 3.40% of Banc of California worth $83,377,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management purchased a new stake in Banc of California during the fourth quarter worth approximately $30,000. SBI Securities Co. Ltd. purchased a new stake in Banc of California during the fourth quarter worth approximately $36,000. Jones Financial Companies Lllp lifted its position in shares of Banc of California by 35.1% during the fourth quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after purchasing an additional 928 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Banc of California by 205.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank's stock worth $68,000 after purchasing an additional 2,926 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in shares of Banc of California during the fourth quarter worth $97,000. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on BANC. Barclays reduced their target price on shares of Banc of California from $19.00 to $18.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company reduced their target price on shares of Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Stephens reissued an "equal weight" rating and set a $15.00 target price on shares of Banc of California in a research report on Monday, April 28th. Jefferies Financial Group began coverage on shares of Banc of California in a research report on Wednesday, May 21st. They set a "buy" rating and a $18.00 target price on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of Banc of California from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Banc of California has an average rating of "Moderate Buy" and an average price target of $17.17.

Banc of California Stock Down 1.1%

BANC traded down $0.15 during trading on Friday, hitting $13.72. The company had a trading volume of 1,313,689 shares, compared to its average volume of 2,291,628. The company has a market cap of $2.03 billion, a PE ratio of 24.50 and a beta of 0.69. The business has a 50-day moving average of $13.54 and a 200-day moving average of $14.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. Banc of California, Inc. has a 1-year low of $11.52 and a 1-year high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $266.01 million for the quarter, compared to analysts' expectations of $272.36 million. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. The firm's revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 earnings per share. As a group, analysts forecast that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.92%. Banc of California's dividend payout ratio (DPR) is 61.54%.

Insiders Place Their Bets

In other Banc of California news, Director James Andrew Barker bought 10,000 shares of the company's stock in a transaction on Tuesday, April 29th. The shares were bought at an average cost of $13.16 per share, with a total value of $131,600.00. Following the completion of the acquisition, the director now owns 169,680 shares of the company's stock, valued at approximately $2,232,988.80. This trade represents a 6.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.69% of the stock is owned by corporate insiders.

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.