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

Banc of California, Inc. (NYSE:BANC) declared a quarterly dividend on Monday, August 12th, Wall Street Journal reports. Stockholders of record on Monday, September 16th will be paid a dividend of 0.10 per share by the bank on Tuesday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend is Monday, September 16th.

Banc of California has raised its dividend payment by an average of 18.6% per year over the last three years. Banc of California has a payout ratio of 31.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Banc of California to earn $1.30 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 30.8%.

Banc of California Price Performance

Shares of BANC opened at $14.31 on Friday. Banc of California has a twelve month low of $9.96 and a twelve month high of $15.54. The company has a market capitalization of $2.27 billion, a P/E ratio of -4.30 and a beta of 1.13. The firm has a 50 day moving average of $13.75 and a 200 day moving average of $13.91. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.

Banc of California (NYSE:BANC) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The business had revenue of $492.38 million during the quarter, compared to the consensus estimate of $271.42 million. During the same period in the previous year, the business posted $0.32 EPS. As a group, equities research analysts anticipate that Banc of California will post 0.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wells Fargo & Company decreased their target price on Banc of California from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Barclays decreased their price objective on shares of Banc of California from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Wednesday, July 24th. Wedbush restated a “neutral” rating and issued a $14.00 target price on shares of Banc of California in a report on Wednesday, July 24th. Stephens reaffirmed an “equal weight” rating and issued a $14.00 target price on shares of Banc of California in a research report on Wednesday, September 4th. Finally, Keefe, Bruyette & Woods lowered their price target on Banc of California from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Banc of California presently has an average rating of “Hold” and a consensus price target of $15.69.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 75,000 shares of Banc of California stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the transaction, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.37% of the stock is owned by corporate insiders.

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.