Principal Financial Group Inc. Buys 28,043 Shares of Banc of California Inc. (BANC)
Principal Financial Group Inc. increased its position in shares of Banc of California Inc. (NYSE:BANC) by 3.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 783,926 shares of the company’s stock after buying an additional 28,043 shares during the period. Principal Financial Group Inc. owned about 1.58% of Banc of California worth $14,189,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Teacher Retirement System of Texas increased its position in shares of Banc of California by 48.2% in the second quarter. Teacher Retirement System of Texas now owns 5,864 shares of the company’s stock worth $106,000 after buying an additional 1,908 shares during the period. Legal & General Group Plc increased its position in shares of Banc of California by 17.7% in the first quarter. Legal & General Group Plc now owns 6,731 shares of the company’s stock worth $116,000 after buying an additional 1,012 shares during the period. Capstone Asset Management Co. bought a new position in shares of Banc of California during the second quarter worth about $240,000. Hilton Capital Management LLC bought a new position in shares of Banc of California during the second quarter worth about $257,000. Finally, BNP Paribas Arbitrage SA boosted its position in Banc of California by 124.0% in the second quarter. BNP Paribas Arbitrage SA now owns 15,313 shares of the company’s stock worth $277,000 after buying an additional 8,478 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.
Shares of Banc of California Inc. (NYSE:BANC) opened at 17.70 on Friday. Banc of California Inc. has a one year low of $12.00 and a one year high of $23.24. The stock’s 50 day moving average price is $20.21 and its 200 day moving average price is $19.74. The stock has a market capitalization of $880.13 million, a PE ratio of 11.63 and a beta of 0.75.
Banc of California (NYSE:BANC) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.06. Banc of California had a return on equity of 14.90% and a net margin of 14.65%. During the same period in the previous year, the business earned $0.32 earnings per share. Equities research analysts predict that Banc of California Inc. will post $1.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Tuesday, September 13th. Banc of California’s payout ratio is 32.65%.
A number of research analysts recently commented on BANC shares. FBR & Co reissued a “hold” rating on shares of Banc of California in a report on Thursday, September 22nd. Zacks Investment Research cut Banc of California from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Finally, FIG Partners cut Banc of California from a “market perform” rating to an “underperform” rating in a report on Wednesday, August 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $21.00.
In other news, insider Jeffrey T. Seabold sold 39,919 shares of the firm’s stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $17.63, for a total value of $703,771.97. Following the completion of the transaction, the insider now directly owns 241,841 shares in the company, valued at $4,263,656.83. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 6.13% of the stock is owned by insiders.
Banc of California Company Profile
Banc of California, Inc provides banking services to California’s diverse businesses, entrepreneurs and homeowners. The Bank was formed through the merger of four of Southern California’s community banking franchises. The Bank offers a range of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through over 100 banking offices across California and across the West.
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