Principal Financial Group Inc. Sells 35,434 Shares of Banc of California, Inc. (NYSE:BANC)

Principal Financial Group Inc. trimmed its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 649,335 shares of the bank’s stock after selling 35,434 shares during the period. Principal Financial Group Inc. owned about 0.41% of Banc of California worth $9,565,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp raised its position in shares of Banc of California by 146.3% in the 2nd quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock worth $27,000 after acquiring an additional 1,273 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the third quarter valued at about $29,000. GAMMA Investing LLC boosted its holdings in shares of Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank’s stock valued at $44,000 after buying an additional 734 shares in the last quarter. Mendon Capital Advisors Corp purchased a new position in shares of Banc of California in the 2nd quarter worth approximately $102,000. Finally, Simplicity Wealth LLC bought a new position in shares of Banc of California during the 2nd quarter worth approximately $132,000. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Banc of California Price Performance

Shares of NYSE:BANC opened at $16.04 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a twelve month low of $11.36 and a twelve month high of $16.92. The company’s 50 day moving average is $15.04 and its 200 day moving average is $14.12. The company has a market cap of $2.55 billion, a PE ratio of -3.76 and a beta of 1.13.

Banc of California (NYSE:BANC) last released its quarterly earnings data 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. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The firm had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. On average, sell-side analysts forecast that Banc of California, Inc. will post 0.71 EPS 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 issued a $0.10 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.49%. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 9.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 7.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BANC. Wedbush raised their target price 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. Raymond James raised their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup initiated coverage on Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 target price on the stock. DA Davidson raised their price target on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.30.

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.