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Principal Financial Group Inc. Purchases 17,990 Shares of Banc of California, Inc. (NYSE:BANC)

Banc of California logo with Finance background

Principal Financial Group Inc. increased its holdings in shares of Banc of California, Inc. (NYSE:BANC - Free Report) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 686,067 shares of the bank's stock after acquiring an additional 17,990 shares during the period. Principal Financial Group Inc. owned about 0.43% of Banc of California worth $9,735,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Picton Mahoney Asset Management bought a new stake in Banc of California during the 4th quarter worth approximately $30,000. Jones Financial Companies Lllp grew its position in Banc of California by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 3,574 shares of the bank's stock worth $55,000 after acquiring an additional 928 shares during the last quarter. Summit Securities Group LLC bought a new stake in Banc of California during the 4th quarter worth approximately $97,000. New Age Alpha Advisors LLC bought a new stake in Banc of California during the 4th quarter worth approximately $102,000. Finally, AlphaQuest LLC bought a new position in Banc of California in the 4th quarter valued at $135,000. 86.88% of the stock is currently owned by institutional investors.

Banc of California Stock Performance

Shares of NYSE:BANC traded up $0.20 during trading on Friday, reaching $14.95. 1,301,927 shares of the stock were exchanged, compared to its average volume of 2,301,830. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $14.16 and a 200-day moving average price of $14.40. Banc of California, Inc. has a 12 month low of $11.52 and a 12 month high of $18.08. The firm has a market cap of $2.21 billion, a PE ratio of 23.01 and a beta of 0.67.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The firm 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%. The company's revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company earned $0.19 EPS. Research analysts expect that Banc of California, Inc. will post 1.31 EPS for the current fiscal year.

Banc of California Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Monday, June 16th. Banc of California's dividend payout ratio is currently 61.54%.

Analysts Set New Price Targets

BANC has been the topic of several recent research reports. Barclays raised 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. Wells Fargo & Company dropped their price objective on Banc of California from $20.00 to $16.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Jefferies Financial Group started coverage on Banc of California in a research note on Wednesday, May 21st. They set a "buy" rating and a $18.00 price objective on the stock. Robert W. Baird decreased their price objective on Banc of California from $19.00 to $17.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Stephens reiterated an "equal weight" rating and issued a $15.00 price objective on shares of Banc of California in a research report on Monday, April 28th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $17.33.

View Our Latest Stock Report on BANC

Insider Activity

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

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 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.

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

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