Banc of California, Inc. (BANC) to Issue Quarterly Dividend of $0.10 on January 2nd

Banc of California, Inc. (NYSE:BANC) declared a quarterly dividend on Friday, November 8th,Zacks Dividends reports. Shareholders 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 raised its dividend payment by an average of 18.6% annually over the last three years. Banc of California has a dividend payout ratio of 30.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Up 1.0 %

Shares of Banc of California stock opened at $16.31 on Friday. Banc of California has a 52-week low of $11.10 and a 52-week high of $16.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.89. The business’s 50 day simple moving average is $14.76 and its 200 day simple moving average is $14.02. The firm has a market cap of $2.59 billion, a PE ratio of -3.82 and a beta of 1.13.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Stephens boosted their price target on Banc of California from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. Wells Fargo & Company boosted 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. Citigroup assumed 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 target for the company. DA Davidson upped their target price on shares of Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Barclays upgraded Banc of California from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $17.00 to $18.00 in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Banc of California currently has an average rating of “Hold” and a consensus target price of $17.30.

Insider Transactions at Banc of California

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

Banc of California Company Profile

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.