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

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

Several other institutional investors and hedge funds have also modified their holdings of the stock. Weiss Asset Management LP purchased a new position in shares of Banc of California during the 3rd quarter valued at $489,000. Systematic Financial Management LP purchased a new position in shares of Banc of California during the 3rd quarter valued at $1,179,000. Quadrature Capital Ltd grew its holdings in shares of Banc of California by 12.2% during the 3rd quarter. Quadrature Capital Ltd now owns 19,117 shares of the bank’s stock valued at $281,000 after acquiring an additional 2,080 shares in the last quarter. Azora Capital LP purchased a new position in shares of Banc of California during the 3rd quarter valued at $12,494,000. Finally, Basswood Capital Management L.L.C. grew its holdings in shares of Banc of California by 589.8% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 1,732,894 shares of the bank’s stock valued at $25,526,000 after acquiring an additional 1,481,692 shares in the last quarter. 86.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BANC. Truist Financial boosted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Keefe, Bruyette & Woods lifted their price objective on shares of Banc of California from $17.50 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Raymond James lifted their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Wedbush lifted their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson lifted their price objective on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One equities 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $17.80.

Banc of California Stock Down 0.1 %

Banc of California stock opened at $16.72 on Friday. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of -3.92 and a beta of 1.14. 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 fifty-two week low of $11.88 and a fifty-two week high of $18.08. The firm has a fifty day moving average price of $15.98 and a two-hundred day moving average price of $14.46.

Banc of California (NYSE:BANC) last released its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million during the quarter, compared to analyst estimates 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 business earned $0.30 EPS. As a group, analysts forecast that Banc of California, Inc. will post 0.7 earnings per share for the current year.

Banc of California Announces Dividend

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

About Banc of California

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.