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

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 paid a dividend of 0.10 per share by the bank on Thursday, January 2nd. This represents a $0.40 annualized dividend 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% per year over the last three years. Banc of California has a dividend payout ratio of 30.8% meaning its dividend is sufficiently covered by earnings. Research 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 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 company has a 50 day simple moving average of $14.76 and a 200-day simple moving average of $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 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.11. The company had revenue of $431.44 million for 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 previous year, the firm earned $0.30 EPS. On average, analysts expect that Banc of California will post 0.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on BANC. Wells Fargo & Company lifted 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 research report on Wednesday, October 23rd. Barclays raised shares of Banc of California from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $17.00 to $18.00 in a research report on Thursday, October 31st. Raymond James lifted their target price on shares of Banc of California from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. DA Davidson lifted 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 report on Wednesday, October 23rd. Finally, Wedbush lifted their target price on shares of Banc of California from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. One 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.30.

Insider Buying and Selling

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the 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 transaction, the director now directly owns 719,826 shares in the company, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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.