Principal Financial Group Inc. Has $9.74 Million Stake in Banc of California, Inc. (NYSE:BANC)

Principal Financial Group Inc. grew its position in shares of Banc of California, Inc. (NYSE:BANC) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 686,067 shares of the bank’s stock after buying an additional 17,990 shares during the quarter. Principal Financial Group Inc. owned approximately 0.43% of Banc of California worth $9,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Banc of California by 6.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,913,012 shares of the bank’s stock valued at $168,716,000 after buying an additional 644,330 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Banc of California by 274.6% in the 4th quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank’s stock valued at $83,377,000 after acquiring an additional 3,953,380 shares in the last quarter. Millennium Management LLC raised its stake in shares of Banc of California by 2,119.0% in the 4th quarter. Millennium Management LLC now owns 2,876,914 shares of the bank’s stock valued at $44,477,000 after acquiring an additional 2,747,262 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of Banc of California by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 2,556,614 shares of the bank’s stock valued at $39,525,000 after acquiring an additional 62,269 shares in the last quarter. Finally, Basswood Capital Management L.L.C. raised its stake in shares of Banc of California by 7.2% in the 4th quarter. Basswood Capital Management L.L.C. now owns 1,858,527 shares of the bank’s stock valued at $28,733,000 after acquiring an additional 125,633 shares in the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Price Performance

Shares of BANC stock opened at $14.96 on Tuesday. The stock’s fifty day simple moving average is $14.09 and its 200 day simple moving average is $14.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 23.01 and a beta of 0.67. Banc of California, Inc. has a one year low of $11.52 and a one year high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $266.01 million for the quarter, compared to analyst estimates of $272.36 million. Banc of California had a return on equity of 6.30% and a net margin of 8.23%. Banc of California’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.19 EPS. On average, analysts expect that Banc of California, Inc. will post 1.31 earnings per share for the current fiscal year.

Banc of California Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Monday, June 16th. Banc of California’s dividend payout ratio is 61.54%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BANC shares. Robert W. Baird cut their price objective on Banc of California from $19.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Wells Fargo & Company dropped their price target on Banc of California from $20.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Stephens reaffirmed an “equal weight” rating and issued a $15.00 price target on shares of Banc of California in a research report on Monday, April 28th. Barclays lifted their price target on Banc of California from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group initiated coverage on Banc of California in a research report on Wednesday, May 21st. They issued a “buy” rating and a $18.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.33.

Insider Activity at Banc of California

In other Banc of California news, insider Olivia I. Lindsay sold 11,000 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $13.58, for a total value of $149,380.00. Following the transaction, the insider owned 30,902 shares of the company’s stock, valued at approximately $419,649.16. The trade was a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Andrew Barker acquired 10,000 shares of Banc of California stock in a transaction on Tuesday, April 29th. The stock was acquired at an average cost of $13.16 per share, for a total transaction of $131,600.00. Following the purchase, the director owned 169,680 shares of the company’s stock, valued at approximately $2,232,988.80. This represents a 6.26% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 86,000 shares of company stock valued at $1,208,000 in the last 90 days. 2.69% of the stock is owned by corporate insiders.

Banc of California Company 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.