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

Principal Financial Group Inc. lessened its holdings in Banc of California, Inc. (NYSE:BANC - Free Report) by 5.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp boosted its holdings in 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 buying an additional 1,273 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Banc of California in the 3rd quarter worth about $29,000. GAMMA Investing LLC boosted its holdings in Banc of California by 32.3% in the 3rd quarter. GAMMA Investing LLC now owns 3,005 shares of the bank's stock worth $44,000 after buying an additional 734 shares during the last quarter. Mendon Capital Advisors Corp acquired a new stake in Banc of California in the 2nd quarter worth about $102,000. Finally, Simplicity Wealth LLC acquired a new stake in Banc of California in the 2nd quarter worth about $132,000. Hedge funds and other institutional investors own 86.88% of the company's stock.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total value of $1,050,000.00. Following the sale, the director now owns 719,826 shares of the company's stock, valued at $10,077,564. The trade was a 9.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is owned by corporate insiders.

Banc of California Trading Up 0.1 %

BANC traded up $0.01 during trading hours on Tuesday, reaching $16.04. The company's stock had a trading volume of 1,590,780 shares, compared to its average volume of 2,354,756. Banc of California, Inc. has a fifty-two week low of $11.36 and a fifty-two week high of $16.92. The stock has a market cap of $2.55 billion, a PE ratio of -3.76 and a beta of 1.13. The business's 50-day moving average is $15.08 and its 200-day moving average is $14.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.11. The firm had revenue of $431.44 million for the quarter, compared to analysts' expectations 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 prior year, the firm posted $0.30 earnings per share. As a group, equities research analysts predict that Banc of California, Inc. will post 0.71 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Monday, December 16th. Banc of California's payout ratio is -9.37%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. DA Davidson lifted their price objective on Banc of California from $16.50 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Truist Financial boosted their target price on Banc of California from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, September 20th. Stephens boosted their target price on Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, October 24th. Wedbush boosted their target price on Banc of California from $18.00 to $19.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Finally, Barclays upgraded Banc of California from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $17.00 to $18.00 in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Banc of California presently has a consensus rating of "Hold" and a consensus price target 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.