Banc of California, Inc. (NYSE:BANC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 5.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 649,335 shares of the bank’s stock after selling 35,434 shares during the period. Principal Financial Group Inc.’s holdings in Banc of California were worth $9,565,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BANC. GAMMA Investing LLC increased 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 acquiring an additional 734 shares in the last quarter. Crescent Grove Advisors LLC increased its stake in shares of Banc of California by 0.8% during the third quarter. Crescent Grove Advisors LLC now owns 98,420 shares of the bank’s stock worth $1,460,000 after purchasing an additional 772 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Banc of California by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 69,800 shares of the bank’s stock worth $892,000 after purchasing an additional 1,200 shares during the last quarter. Fifth Third Bancorp lifted its stake in 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 buying an additional 1,273 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Banc of California by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 77,384 shares of the bank’s stock worth $989,000 after buying an additional 1,939 shares during the last quarter. Hedge funds and other institutional investors own 86.88% of the company’s stock.

Insider Transactions at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.37% of the company’s stock.

Analyst Ratings Changes

BANC has been the topic of several research reports. DA Davidson raised their target price on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Truist Financial raised their price objective on Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Stephens upped their target price on shares of Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Raymond James raised their price target on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Barclays raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $17.00 to $18.00 in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.30.

Banc of California Price Performance

Shares of BANC stock opened at $16.04 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $2.55 billion, a PE ratio of -3.76 and a beta of 1.13. The firm’s 50-day moving average is $15.04 and its two-hundred day moving average is $14.12. Banc of California, Inc. has a 12 month low of $11.36 and a 12 month high of $16.92.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating the consensus estimate of $0.14 by $0.11. The firm had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same quarter in the previous year, the company earned $0.30 EPS. Analysts predict that Banc of California, Inc. will post 0.71 earnings per share for the current year.

Banc of California Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Monday, December 16th. Banc of California’s dividend payout ratio (DPR) is presently -9.37%.

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.