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

Banc of California, Inc. (NYSE:BANC) announced 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 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Monday, December 16th.

Banc of California has increased its dividend payment by an average of 18.6% annually over the last three years. Banc of California has a payout ratio of 30.8% meaning 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 Price Performance

NYSE BANC traded up $0.16 during mid-day trading on Friday, hitting $16.31. The company’s stock had a trading volume of 2,554,962 shares, compared to its average volume of 2,541,043. Banc of California has a 52-week low of $11.10 and a 52-week high of $16.92. The stock’s fifty day simple moving average is $14.76 and its two-hundred day simple moving average is $14.02. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The business 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 quarter last year, the company earned $0.30 earnings per share. Equities research analysts anticipate that Banc of California will post 0.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on BANC. Truist Financial boosted their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Wells Fargo & Company lifted their target price on Banc of California from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Barclays raised Banc of California from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $17.00 to $18.00 in a research note on Thursday, October 31st. Citigroup assumed coverage on 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. Finally, Wedbush boosted their price target on Banc of California from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.30.

Insider Transactions at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction dated 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 sale, the director now owns 719,826 shares in the company, valued at approximately $10,077,564. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 7.37% of the stock is owned by 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.