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

Massachusetts Financial Services Co. MA lessened its stake in shares of Banc of California, Inc. (NYSE:BANC) by 0.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,230,469 shares of the bank’s stock after selling 10,575 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Banc of California were worth $34,483,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new position in shares of Banc of California in the fourth quarter valued at approximately $36,000. Charles Schwab Investment Management Inc. boosted its holdings in Banc of California by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank’s stock valued at $19,364,000 after purchasing an additional 19,076 shares during the period. Swiss National Bank grew its position in shares of Banc of California by 0.9% during the 4th quarter. Swiss National Bank now owns 280,214 shares of the bank’s stock valued at $4,332,000 after purchasing an additional 2,600 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Banc of California in the fourth quarter worth $360,000. Finally, Sei Investments Co. boosted its stake in Banc of California by 9.3% during the fourth quarter. Sei Investments Co. now owns 637,423 shares of the bank’s stock valued at $9,855,000 after buying an additional 54,238 shares during the period. 86.88% of the stock is currently owned by institutional investors.

Banc of California Price Performance

Shares of NYSE:BANC opened at $12.32 on Friday. The business has a fifty day moving average price of $14.84 and a 200-day moving average price of $15.39. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market capitalization of $1.96 billion, a PE ratio of 21.99 and a beta of 1.18. Banc of California, Inc. has a 1-year low of $11.88 and a 1-year high of $18.08.

Banc of California (NYSE:BANC) last issued its 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 net margin of 7.06% and a return on equity of 6.20%. As a group, equities analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Friday, March 14th. Banc of California’s dividend payout ratio is currently 71.43%.

Analyst Ratings Changes

Several research firms have weighed in on BANC. Barclays lowered their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, January 24th. StockNews.com upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a report on Friday, January 24th. Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $17.00 to $20.00 in a research report on Monday, January 6th. Stephens lowered their price objective on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. started coverage on Banc of California in a report on Friday, February 7th. They set a “neutral” rating and a $18.00 target price on the stock. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Banc of California presently has an average rating of “Moderate Buy” and an average target price of $18.18.

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.