Principal Financial Group Inc. Reduces Stock Position in Banc of California, Inc. (NYSE:BANC)

Principal Financial Group Inc. decreased its stake in shares of Banc of California, Inc. (NYSE:BANC) by 5.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 649,335 shares of the bank’s stock after selling 35,434 shares during the quarter. Principal Financial Group Inc. owned about 0.41% of Banc of California worth $9,565,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BANC. World Investment Advisors LLC raised its holdings in shares of Banc of California by 4.5% during the 3rd quarter. World Investment Advisors LLC now owns 18,082 shares of the bank’s stock worth $266,000 after acquiring an additional 779 shares during the period. Sanctuary Advisors LLC acquired a new position in Banc of California in the 3rd quarter valued at about $167,000. First Dallas Securities Inc. grew its stake in shares of Banc of California by 15.4% in the 3rd quarter. First Dallas Securities Inc. now owns 61,975 shares of the bank’s stock valued at $913,000 after buying an additional 8,250 shares during the period. Barclays PLC increased its holdings in shares of Banc of California by 4.4% during the 3rd quarter. Barclays PLC now owns 425,634 shares of the bank’s stock worth $6,270,000 after buying an additional 17,876 shares during the last quarter. Finally, Hodges Capital Management Inc. raised its position in shares of Banc of California by 3.7% during the 3rd quarter. Hodges Capital Management Inc. now owns 2,060,285 shares of the bank’s stock valued at $30,348,000 after buying an additional 74,039 shares during the period. Institutional investors and hedge funds own 86.88% of the company’s stock.

Banc of California Trading Up 0.4 %

NYSE:BANC opened at $15.57 on Tuesday. Banc of California, Inc. has a 12-month low of $11.88 and a 12-month high of $18.08. The firm has a market cap of $2.47 billion, a PE ratio of -3.65 and a beta of 1.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average price of $16.21 and a 200 day moving average price of $14.65.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to the consensus estimate of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same period in the previous year, the company posted $0.30 earnings per share. Sell-side analysts anticipate that Banc of California, Inc. will post 0.7 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company 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. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.40 annualized dividend and a dividend yield of 2.57%. Banc of California’s dividend payout ratio (DPR) is currently -9.37%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Wells Fargo & Company raised their target price on Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Stephens upped their target price on shares of Banc of California from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Citigroup assumed coverage on shares of Banc of California in a research report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price target for the company. Truist Financial upped their price objective on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Finally, Barclays lifted their target price on shares of Banc of California from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.80.

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.