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

Principal Financial Group Inc. decreased its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 4.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 684,769 shares of the bank’s stock after selling 34,614 shares during the period. Principal Financial Group Inc. owned approximately 0.44% of Banc of California worth $8,751,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Riverview Trust Co purchased a new stake in Banc of California during the 1st quarter worth approximately $29,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Banc of California during the first quarter valued at $30,000. Fifth Third Bancorp increased 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 valued at $27,000 after acquiring an additional 1,273 shares during the period. Lee Financial Co purchased a new position in Banc of California in the 4th quarter worth $40,000. Finally, Longfellow Investment Management Co. LLC acquired a new stake in Banc of California during the 4th quarter worth about $41,000. Institutional investors and hedge funds own 86.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. DA Davidson reduced their price objective on Banc of California from $20.00 to $17.50 and set a “buy” rating for the company in a research note on Wednesday, May 15th. Stephens restated an “equal weight” rating and set a $14.00 price objective on shares of Banc of California in a research note on Wednesday. Wells Fargo & Company cut their price objective on shares of Banc of California from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Truist Financial boosted their target price on shares of Banc of California from $13.00 to $15.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods cut their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Banc of California has an average rating of “Hold” and a consensus price target of $15.69.

Banc of California Stock Down 2.3 %

Shares of BANC opened at $13.81 on Friday. The firm has a market cap of $2.17 billion, a P/E ratio of -4.15 and a beta of 1.13. Banc of California, Inc. has a 12 month low of $9.96 and a 12 month high of $15.54. The stock’s 50 day moving average is $13.65 and its two-hundred day moving average is $13.92. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The company had revenue of $492.38 million during the quarter, compared to analysts’ expectations of $271.42 million. During the same period in the previous year, the firm posted $0.32 EPS. Analysts predict that Banc of California, Inc. will post 0.61 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 Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.90%. The ex-dividend date is Monday, September 16th. Banc of California’s payout ratio is -12.01%.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the firm’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 transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 7.37% of the stock is owned by company insiders.

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.