Principal Financial Group Inc. lowered its holdings in shares of Banc of California, Inc. (NYSE:BANC) by 15.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 320,398 shares of the bank’s stock after selling 59,779 shares during the quarter. Principal Financial Group Inc. owned 0.67% of Banc of California worth $6,648,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. lifted its holdings in Banc of California by 13.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 5,991 shares of the bank’s stock valued at $129,000 after buying an additional 718 shares in the last quarter. Suntrust Banks Inc. bought a new stake in Banc of California during the 2nd quarter valued at about $231,000. Piedmont Investment Advisors LLC bought a new stake in Banc of California during the 2nd quarter valued at about $232,000. BNP Paribas Arbitrage SA lifted its holdings in Banc of California by 51.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,944 shares of the bank’s stock valued at $300,000 after buying an additional 4,752 shares in the last quarter. Finally, Aperio Group LLC bought a new stake in Banc of California during the 2nd quarter valued at about $327,000.
A number of equities research analysts recently weighed in on BANC shares. BidaskClub lowered shares of Banc of California from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Keefe, Bruyette & Woods set a $20.00 target price on shares of Banc of California and gave the company a “hold” rating in a research report on Monday, August 28th. ValuEngine raised shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th. Zacks Investment Research raised shares of Banc of California from a “strong sell” rating to a “hold” rating in a research report on Monday, October 9th. Finally, FBR & Co reissued a “buy” rating and set a $24.00 target price on shares of Banc of California in a research report on Thursday, October 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $22.67.
Banc of California, Inc. (NYSE BANC) opened at $21.75 on Friday. The company has a debt-to-equity ratio of 2.21, a current ratio of 0.91 and a quick ratio of 0.91. Banc of California, Inc. has a 12-month low of $14.40 and a 12-month high of $23.40. The stock has a market cap of $1,089.05, a P/E ratio of 17.10, a PEG ratio of 1.98 and a beta of 0.97.
Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. The firm had revenue of $93.40 million for the quarter, compared to the consensus estimate of $84.24 million. During the same quarter in the previous year, the firm earned $0.59 EPS. research analysts forecast that Banc of California, Inc. will post 0.88 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, December 14th. Banc of California’s dividend payout ratio (DPR) is presently 45.61%.
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About Banc of California
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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