Wellington Management Group LLP Takes Position in Banc of California, Inc. (NYSE:BANC)

Wellington Management Group LLP purchased a new position in shares of Banc of California, Inc. (NYSE:BANC - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,439,696 shares of the bank's stock, valued at approximately $21,207,000. Wellington Management Group LLP owned about 0.91% of Banc of California as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in BANC. Fifth Third Bancorp lifted its stake in Banc of California by 146.3% in the second 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. Future Financial Wealth Managment LLC bought a new position in Banc of California in the 3rd quarter worth approximately $29,000. GAMMA Investing LLC raised its holdings in Banc of California by 32.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock valued at $44,000 after acquiring an additional 734 shares during the period. Mendon Capital Advisors Corp bought a new stake in shares of Banc of California during the 2nd quarter valued at $102,000. Finally, Paloma Partners Management Co purchased a new stake in Banc of California during the 3rd quarter worth about $158,000. 86.88% of the stock is owned by institutional investors.

Banc of California Stock Down 0.1 %

Shares of NYSE BANC traded down $0.02 during trading on Friday, reaching $16.72. The company had a trading volume of 1,113,154 shares, compared to its average volume of 2,319,004. Banc of California, Inc. has a 12-month low of $11.88 and a 12-month high of $18.08. The business's 50-day moving average is $15.98 and its 200 day moving average is $14.46. The stock has a market cap of $2.66 billion, a PE ratio of -3.92 and a beta of 1.14. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter in the previous year, the firm posted $0.30 EPS. As a group, equities analysts forecast that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 dividend on an annualized basis and a yield of 2.39%. Banc of California's dividend payout ratio is currently -9.37%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BANC. Raymond James raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Barclays increased their price target on shares of Banc of California from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods upped their price objective on Banc of California from $17.50 to $20.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Wells Fargo & Company upped their target price on Banc of California from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 23rd. Finally, Citigroup started coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a "neutral" rating and a $15.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $17.80.

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.