Banc of California, Inc. (NYSE:BANC) Holdings Lifted by Wellington Management Group LLP

Wellington Management Group LLP lifted its stake in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 274.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,393,076 shares of the bank's stock after buying an additional 3,953,380 shares during the quarter. Wellington Management Group LLP owned approximately 3.40% of Banc of California worth $83,377,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Crescent Grove Advisors LLC grew its position in shares of Banc of California by 0.7% during the fourth quarter. Crescent Grove Advisors LLC now owns 99,084 shares of the bank's stock worth $1,542,000 after buying an additional 664 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in Banc of California by 4.8% in the fourth quarter. CIBC Asset Management Inc now owns 15,052 shares of the bank's stock worth $233,000 after purchasing an additional 683 shares during the period. World Investment Advisors LLC increased its stake in Banc of California by 4.5% during the third quarter. World Investment Advisors LLC now owns 18,082 shares of the bank's stock valued at $266,000 after purchasing an additional 779 shares during the last quarter. Jones Financial Companies Lllp raised its holdings 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 during the period. Finally, FMR LLC lifted its position in shares of Banc of California by 5.8% in the 3rd quarter. FMR LLC now owns 20,659 shares of the bank's stock worth $304,000 after buying an additional 1,126 shares during the last quarter. Institutional investors and hedge funds own 86.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Raymond James boosted their price objective on shares of Banc of California from $17.00 to $18.00 and gave the company an "outperform" rating in a research report on Friday, January 24th. JPMorgan Chase & Co. began coverage on Banc of California in a research report on Friday, February 7th. They set a "neutral" rating and a $18.00 price target on the stock. StockNews.com upgraded Banc of California from a "sell" rating to a "hold" rating in a research report on Friday, January 24th. Wells Fargo & Company dropped their target price on Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Stephens dropped their target price on Banc of California from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Monday, January 27th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $17.73.

Banc of California Stock Performance

Shares of NYSE:BANC traded down $0.67 on Thursday, hitting $12.37. The company's stock had a trading volume of 826,051 shares, compared to its average volume of 2,289,288. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 22.19 and a beta of 0.85. The stock's 50-day moving average is $14.47 and its two-hundred day moving average is $15.30. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. On average, equities research analysts forecast that Banc of California, Inc. will post 1.31 EPS for the current year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, March 14th. This represents a $0.40 annualized dividend and a yield of 3.23%. Banc of California's dividend payout ratio is currently 71.43%.

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.