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

Wellington Management Group LLP lifted its stake in shares of Banc of California, Inc. (NYSE:BANC) by 274.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,393,076 shares of the bank’s stock after buying an additional 3,953,380 shares during the period. Wellington Management Group LLP owned about 3.40% of Banc of California worth $83,377,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BANC. Picton Mahoney Asset Management bought a new position in Banc of California during the 4th quarter valued at $30,000. SBI Securities Co. Ltd. bought a new position in shares of Banc of California during the fourth quarter valued at about $36,000. Jones Financial Companies Lllp boosted its holdings in 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 last quarter. Smartleaf Asset Management LLC grew its position in Banc of California by 205.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 4,348 shares of the bank’s stock worth $68,000 after purchasing an additional 2,926 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new stake in Banc of California in the 4th quarter valued at about $97,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. StockNews.com raised Banc of California from a “sell” rating to a “hold” rating in a report on Friday, January 24th. Raymond James upped their price objective on Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. JPMorgan Chase & Co. started coverage on Banc of California in a research note on Friday, February 7th. They set a “neutral” rating and a $18.00 target price on the stock. 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. Finally, Wells Fargo & Company raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Banc of California presently has an average rating of “Moderate Buy” and an average price target of $18.18.

Banc of California Stock Performance

Shares of BANC stock opened at $12.32 on Friday. The firm’s 50 day moving average is $14.84 and its 200 day moving average is $15.39. The stock has a market capitalization of $1.96 billion, a P/E ratio of 21.99 and a beta of 1.18. Banc of California, Inc. has a 12 month low of $11.88 and a 12 month high of $18.08. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last posted 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 return on equity of 6.20% and a net margin of 7.06%. On average, sell-side analysts anticipate that Banc of California, Inc. will post 1.31 earnings per share for the current year.

Banc of California Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.40 annualized dividend and a yield of 3.25%. 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.