Principal Financial Group Inc. Has $10.33 Million Stake in Banc of California, Inc. (NYSE:BANC)

Principal Financial Group Inc. lifted its stake in shares of Banc of California, Inc. (NYSE:BANC) by 2.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 668,077 shares of the bank’s stock after buying an additional 18,742 shares during the period. Principal Financial Group Inc.’s holdings in Banc of California were worth $10,328,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. KBC Group NV lifted its holdings in Banc of California by 71.0% in the fourth quarter. KBC Group NV now owns 7,286 shares of the bank’s stock valued at $113,000 after buying an additional 3,026 shares during the period. Paloma Partners Management Co acquired a new position in Banc of California in the third quarter valued at approximately $158,000. Sanctuary Advisors LLC acquired a new position in Banc of California in the third quarter valued at approximately $167,000. Private Management Group Inc. acquired a new position in Banc of California in the fourth quarter valued at approximately $202,000. Finally, EMC Capital Management lifted its holdings in Banc of California by 4,319.8% in the fourth quarter. EMC Capital Management now owns 15,425 shares of the bank’s stock valued at $238,000 after buying an additional 15,076 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Banc of California Stock Up 1.2 %

Shares of BANC stock opened at $14.86 on Friday. The firm has a fifty day moving average of $15.69 and a 200-day moving average of $15.40. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.31. Banc of California, Inc. has a 12-month low of $11.88 and a 12-month high of $18.08. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 26.54 and a beta of 1.14.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. As a group, equities research analysts predict 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 disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Friday, March 14th. Banc of California’s dividend payout ratio is 71.43%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BANC shares. Barclays cut their price objective on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, January 24th. Raymond James increased their price objective on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, January 24th. Stephens cut their price objective on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, January 27th. JPMorgan Chase & Co. assumed coverage on shares of Banc of California in a research note on Friday, February 7th. They issued a “neutral” rating and a $18.00 target price for the company. Finally, StockNews.com raised shares of Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, January 24th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.18.

About Banc of California

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.