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

Principal Financial Group Inc. lessened its holdings in Banc of California, Inc. (NYSE:BANCFree Report) by 7.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 283,461 shares of the bank’s stock after selling 21,657 shares during the period. Principal Financial Group Inc.’s holdings in Banc of California were worth $3,509,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BANC. Emerald Mutual Fund Advisers Trust increased its position in Banc of California by 110.3% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 95,795 shares of the bank’s stock worth $1,186,000 after purchasing an additional 50,245 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Banc of California by 4.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,435 shares of the bank’s stock worth $303,000 after buying an additional 955 shares during the last quarter. Sippican Capital Advisors lifted its position in shares of Banc of California by 1.2% in the 3rd quarter. Sippican Capital Advisors now owns 115,144 shares of the bank’s stock worth $1,425,000 after buying an additional 1,325 shares during the last quarter. Commonwealth Equity Services LLC bought a new position in shares of Banc of California in the 3rd quarter worth about $178,000. Finally, Peregrine Capital Management LLC bought a new position in shares of Banc of California in the 3rd quarter worth about $6,373,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.

Insider Transactions at Banc of California

In other Banc of California news, Director James Andrew Barker acquired 10,000 shares of the stock in a transaction dated Tuesday, December 12th. The shares were bought at an average price of $12.32 per share, with a total value of $123,200.00. Following the purchase, the director now directly owns 149,680 shares of the company’s stock, valued at approximately $1,844,057.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director James Andrew Barker bought 10,000 shares of the firm’s stock in a transaction on Tuesday, December 12th. The stock was bought at an average cost of $12.32 per share, for a total transaction of $123,200.00. Following the completion of the acquisition, the director now directly owns 149,680 shares in the company, valued at approximately $1,844,057.60. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard J. Lashley sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $12.67, for a total transaction of $2,534,000.00. Following the completion of the transaction, the director now owns 2,463,143 shares of the company’s stock, valued at $31,208,021.81. The disclosure for this sale can be found here. Corporate insiders own 7.37% of the company’s stock.

Wall Street Analysts Forecast Growth

BANC has been the topic of a number of recent research reports. Truist Financial raised their price target on shares of Banc of California from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Tuesday, January 30th. Wedbush increased their price objective on shares of Banc of California from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Finally, StockNews.com started coverage on shares of Banc of California in a report on Monday, January 29th. They issued a “hold” rating on the stock. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $16.50.

Check Out Our Latest Analysis on Banc of California

Banc of California Stock Down 1.5 %

Banc of California stock opened at $12.74 on Thursday. The stock has a market cap of $731.79 million, a price-to-earnings ratio of -4.03 and a beta of 1.16. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average price is $13.16 and its two-hundred day moving average price is $12.71. Banc of California, Inc. has a 52 week low of $9.72 and a 52 week high of $18.26.

Banc of California (NYSE:BANCGet Free Report) last released its earnings results on Thursday, January 25th. The bank reported ($4.55) EPS for the quarter, missing the consensus estimate of ($0.28) by ($4.27). The company had revenue of $193.06 million for the quarter, compared to analyst estimates of $163.11 million. Banc of California had a negative net margin of 44.04% and a positive return on equity of 1.14%. During the same period in the previous year, the business posted $0.45 EPS. On average, analysts expect that Banc of California, Inc. will post 1.59 EPS for the current fiscal year.

Banc of California Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were paid a $0.10 dividend. The ex-dividend date was Thursday, December 14th. This represents a $0.40 annualized dividend and a dividend yield of 3.14%. Banc of California’s dividend payout ratio is currently -12.66%.

Banc of California Company Profile

(Free Report)

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services to small and medium-size businesses in California. It offers personal banking products and services, including checking account, debit Mastercard, certificates of deposit, and savings and money market accounts, as well as online and mobile banking services; personal credit cards; and specialty banking services.

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Institutional Ownership by Quarter for Banc of California (NYSE:BANC)

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