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

Massachusetts Financial Services Co. MA lessened its stake in Banc of California, Inc. (NYSE:BANC) by 11.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,304,153 shares of the bank’s stock after selling 286,478 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Banc of California were worth $29,447,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BANC. Fifth Third Bancorp lifted its holdings in Banc of California by 146.3% during the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after purchasing an additional 1,273 shares during the last quarter. Riverview Trust Co acquired a new stake in Banc of California during the 1st quarter valued at $29,000. Future Financial Wealth Managment LLC acquired a new stake in Banc of California during the 1st quarter valued at $30,000. LifeSteps Financial Inc. acquired a new stake in Banc of California during the 1st quarter valued at $60,000. Finally, Simplicity Wealth LLC acquired a new stake in Banc of California during the 2nd quarter valued at $132,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, July 9th. Stephens reissued an “equal weight” rating and set a $14.00 target price on shares of Banc of California in a report on Wednesday, September 4th. Barclays dropped their target price on Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 24th. Wedbush reissued a “neutral” rating and set a $14.00 target price on shares of Banc of California in a report on Wednesday, July 24th. Finally, Truist Financial lifted their target price on Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.83.

Banc of California Stock Down 2.1 %

Shares of NYSE BANC opened at $15.05 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 0.89. Banc of California, Inc. has a 52 week low of $9.96 and a 52 week high of $15.54. The stock has a market capitalization of $2.37 billion, a P/E ratio of -4.52 and a beta of 1.13. The stock’s fifty day moving average is $13.91 and its 200 day moving average is $13.91.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 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 company had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same quarter in the previous year, the business posted $0.32 EPS. Sell-side analysts forecast 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 announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Monday, September 16th. Banc of California’s dividend payout ratio is presently -12.01%.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company 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.