Wellington Management Group LLP increased its holdings in Banc of California, Inc. (NYSE:BANC – Free Report) by 147.2% in the 2nd quarter, Holdings Channel reports. The fund owned 6,121,876 shares of the bank’s stock after buying an additional 3,645,579 shares during the quarter. Wellington Management Group LLP’s holdings in Banc of California were worth $125,070,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. Triumph Capital Management purchased a new stake in Banc of California in the third quarter worth about $25,000. Navalign LLC bought a new position in shares of Banc of California during the fourth quarter valued at approximately $27,000. Western Wealth Management LLC purchased a new position in shares of Banc of California during the first quarter valued at approximately $29,000. Orion Capital Management LLC purchased a new position in shares of Banc of California during the fourth quarter valued at approximately $35,000. Finally, Advisory Services Network LLC bought a new stake in shares of Banc of California in the 3rd quarter worth approximately $36,000. 86.88% of the stock is owned by hedge funds and other institutional investors.
Banc of California Price Performance
Shares of BANC opened at $18.20 on Wednesday. Banc of California, Inc. has a twelve month low of $15.33 and a twelve month high of $21.93. The company has a market capitalization of $2.88 billion, a P/E ratio of -43.33 and a beta of 0.73. The firm has a 50 day moving average of $19.90 and a 200 day moving average of $19.07. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 0.20.
Banc of California Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.48 annualized dividend and a dividend yield of 2.6%. Banc of California’s payout ratio is currently -114.29%.
Analyst Ratings Changes
Several research firms recently weighed in on BANC. Citigroup cut their price target on Banc of California from $23.50 to $22.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Weiss Ratings downgraded Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Wells Fargo & Company began coverage on Banc of California in a research note on Monday, August 10th. They issued an “overweight” rating and a $23.00 target price on the stock. JPMorgan Chase & Co. raised their price target on Banc of California from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Finally, Brean Capital lowered Banc of California from a “buy” rating to a “neutral” rating in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Banc of California currently has a consensus rating of “Buy” and a consensus target price of $22.62.
View Our Latest Report on BANC
Insider Activity
In other news, insider Olivia I. Lindsay sold 6,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total transaction of $117,000.00. Following the transaction, the insider directly owned 32,842 shares of the company’s stock, valued at $640,419. This represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.78% of the stock is currently owned by insiders.
Banc of California Profile
Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.
Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.
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