Massachusetts Financial Services Co. MA Sells 63,109 Shares of Banc of California, Inc. (NYSE:BANC)

Massachusetts Financial Services Co. MA lessened its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 2.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,241,044 shares of the bank's stock after selling 63,109 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.41% of Banc of California worth $33,011,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BANC. Future Financial Wealth Managment LLC purchased a new position in shares of Banc of California during the third quarter valued at approximately $29,000. Fifth Third Bancorp boosted 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 worth $27,000 after acquiring an additional 1,273 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock worth $44,000 after acquiring an additional 734 shares in the last quarter. Mendon Capital Advisors Corp purchased a new stake in shares of Banc of California in the second quarter valued at about $102,000. Finally, Simplicity Wealth LLC bought a new position in shares of Banc of California during the second quarter valued at about $132,000. Institutional investors and hedge funds own 86.88% of the company's stock.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 9.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.37% of the stock is owned by company insiders.

Banc of California Trading Down 1.8 %

NYSE:BANC traded down $0.32 during mid-day trading on Tuesday, reaching $17.46. 2,020,285 shares of the company's stock traded hands, compared to its average volume of 2,360,197. The company has a 50 day moving average price of $15.30 and a 200-day moving average price of $14.18. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -4.09 and a beta of 1.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. Banc of California, Inc. has a 12-month low of $11.36 and a 12-month high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The business had revenue of $431.44 million for the quarter, compared to analysts' expectations of $229.46 million. During the same period in the previous year, the firm posted $0.30 EPS. On average, sell-side analysts predict that Banc of California, Inc. will post 0.7 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Monday, December 16th. Banc of California's dividend payout ratio (DPR) is presently -9.37%.

Wall Street Analysts Forecast Growth

BANC has been the topic of several research analyst reports. Stephens upped their price objective on Banc of California from $15.00 to $16.00 and gave the company an "equal weight" rating in a research note on Thursday, October 24th. DA Davidson upped their price target on Banc of California from $16.50 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Wells Fargo & Company lifted their price objective on Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 23rd. Barclays raised shares of Banc of California from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $17.00 to $18.00 in a report on Thursday, October 31st. Finally, Truist Financial lifted their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock a "hold" rating in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $17.30.

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.