Banc of California, Inc. (NYSE:BANC) Announces $0.10 Quarterly Dividend

Banc of California, Inc. (NYSE:BANC) declared a quarterly dividend on Friday, November 8th,Zacks Dividends reports. Investors of record on Monday, December 16th will be given a dividend of 0.10 per share by the bank on Thursday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Monday, December 16th.

Banc of California has increased its dividend by an average of 18.6% annually over the last three years. Banc of California has a payout ratio of 30.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Banc of California to earn $1.33 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 30.1%.

Banc of California Trading Up 1.0 %

Shares of Banc of California stock opened at $16.31 on Friday. The firm’s 50-day moving average price is $14.76 and its two-hundred day moving average price is $14.02. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -3.82 and a beta of 1.13. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. Banc of California has a 12-month low of $11.10 and a 12-month high of $16.92.

Banc of California (NYSE:BANC) last announced its quarterly earnings data on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. The business had revenue of $431.44 million for the quarter, compared to analysts’ expectations of $229.46 million. During the same period last year, the firm posted $0.30 earnings per share. On average, analysts forecast that Banc of California will post 0.71 earnings per share for the current fiscal year.

Insider Activity at Banc of California

In related news, Director Richard J. Lashley sold 75,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now directly owns 719,826 shares of the company’s stock, valued at $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 7.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BANC has been the subject of several recent analyst reports. Raymond James upped their price objective on Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Wells Fargo & Company increased their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Truist Financial lifted their price target on shares of Banc of California from $15.00 to $16.00 and gave the company a “hold” rating in a report on Friday, September 20th. Citigroup initiated coverage on shares of Banc of California in a research note on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Finally, DA Davidson boosted their target price on shares of Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Banc of California presently has a consensus rating of “Hold” and an average target price of $17.30.

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.