Massachusetts Financial Services Co. MA Sells 10,575 Shares of Banc of California, Inc. (NYSE:BANC)

Massachusetts Financial Services Co. MA trimmed its position in Banc of California, Inc. (NYSE:BANC) by 0.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,230,469 shares of the bank’s stock after selling 10,575 shares during the period. Massachusetts Financial Services Co. MA owned 1.40% of Banc of California worth $34,483,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired 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 stake in Banc of California by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,252,528 shares of the bank’s stock worth $19,364,000 after acquiring an additional 19,076 shares in the last quarter. Swiss National Bank boosted 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 worth $4,332,000 after purchasing an additional 2,600 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Banc of California in the 4th quarter valued at about $360,000. Finally, Sei Investments Co. increased its holdings in shares of 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 acquiring an additional 54,238 shares in the last quarter. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Trading Down 5.0 %

NYSE BANC opened at $12.32 on Friday. The business’s fifty day moving average is $14.84 and its 200-day moving average is $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 stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 21.99 and a beta of 1.18. Banc of California, Inc. has a one year low of $11.88 and a one year high of $18.08.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Equities research analysts predict 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. Shareholders of record on Friday, March 14th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a 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

BANC has been the subject of several research reports. Barclays reduced 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 report on Friday, January 24th. JPMorgan Chase & Co. initiated coverage on shares of Banc of California in a research report on Friday, February 7th. They set a “neutral” rating and a $18.00 target price for the company. StockNews.com raised shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. Raymond James boosted their price objective on Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Finally, Wells Fargo & Company upgraded Banc of California from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $17.00 to $20.00 in a report on Monday, January 6th. Five equities 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 has an average rating of “Moderate Buy” and a consensus target price of $18.18.

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.