Massachusetts Financial Services Co. MA Boosts Holdings in Banc of California, Inc. (NYSE:BANC)

Massachusetts Financial Services Co. MA grew its stake in Banc of California, Inc. (NYSE:BANC - Free Report) by 345.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,291,541 shares of the bank's stock after purchasing an additional 1,777,330 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 3.99% of Banc of California worth $30,775,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Banc of California by 4.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank's stock worth $303,000 after buying an additional 955 shares during the period. Truist Financial Corp raised its stake in shares of Banc of California by 9.8% during the fourth quarter. Truist Financial Corp now owns 13,747 shares of the bank's stock worth $185,000 after acquiring an additional 1,223 shares in the last quarter. Versant Capital Management Inc raised its position in Banc of California by 2,466.2% in the 4th quarter. Versant Capital Management Inc now owns 1,899 shares of the bank's stock worth $26,000 after purchasing an additional 1,825 shares during the period. Anchor Investment Management LLC bought a new position in shares of Banc of California during the fourth quarter valued at about $44,000. Finally, Avior Wealth Management LLC bought a new position in shares of Banc of California in the fourth quarter worth approximately $44,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BANC. Keefe, Bruyette & Woods raised shares of Banc of California from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $16.00 to $18.00 in a research report on Friday, March 22nd. StockNews.com upgraded shares of Banc of California to a "sell" rating in a research note on Thursday, April 25th. DA Davidson reduced their price target on Banc of California from $20.00 to $17.50 and set a "buy" rating for the company in a research report on Wednesday. Wells Fargo & Company raised their price objective on shares of Banc of California from $14.00 to $16.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 10th. Finally, Truist Financial dropped their price target on Banc of California from $16.00 to $15.00 and set a "hold" rating for the company in a research note on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $16.31.

Banc of California Stock Performance

NYSE BANC traded up $0.50 during mid-day trading on Friday, reaching $14.59. 2,232,839 shares of the stock were exchanged, compared to its average volume of 2,832,829. The company has a market capitalization of $2.29 billion, a P/E ratio of -4.38 and a beta of 1.17. The business's 50 day moving average is $14.42 and its 200-day moving average is $13.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89. Banc of California, Inc. has a 1 year low of $9.96 and a 1 year high of $16.08.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.07). Banc of California had a positive return on equity of 2.25% and a negative net margin of 29.10%. The business had revenue of $522.57 million during the quarter, compared to analysts' expectations of $296.02 million. During the same period in the prior year, the business posted $0.37 earnings per share. On average, equities research analysts forecast that Banc of California, Inc. will post 1.16 EPS for the current fiscal year.

Banc of California Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, June 14th. Banc of California's dividend payout ratio is presently -12.01%.

Insider Buying and Selling at Banc of California

In related news, Director Richard J. Lashley purchased 10,000 shares of the business's stock in a transaction on Thursday, February 29th. The shares were bought at an average price of $21.40 per share, for a total transaction of $214,000.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $214,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jared M. Wolff purchased 7,130 shares of the business's stock in a transaction dated Thursday, April 25th. The stock was acquired at an average price of $13.98 per share, for a total transaction of $99,677.40. Following the completion of the purchase, the chief executive officer now directly owns 268,695 shares of the company's stock, valued at $3,756,356.10. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard J. Lashley acquired 10,000 shares of Banc of California stock in a transaction that occurred on Thursday, February 29th. The stock was purchased at an average price of $21.40 per share, with a total value of $214,000.00. Following the transaction, the director now owns 10,000 shares of the company's stock, valued at $214,000. The disclosure for this purchase can be found here. 7.37% of the stock is owned by corporate insiders.

Banc of California 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.