Banc of California, Inc. (BANC) to Issue Quarterly Dividend of $0.10 on April 1st

Banc of California, Inc. (NYSE:BANC) announced a quarterly dividend on Friday, February 7th, RTT News reports. Shareholders of record on Friday, March 14th will be paid a dividend of 0.10 per share by the bank on Tuesday, April 1st. This represents a $0.40 annualized dividend and a yield of 3.00%. The ex-dividend date is Friday, March 14th.

Banc of California has raised its dividend by an average of 18.6% annually over the last three years. Banc of California has a dividend payout ratio of 24.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Banc of California to earn $1.65 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 24.2%.

Banc of California Stock Up 3.0 %

Shares of NYSE:BANC opened at $13.33 on Wednesday. Banc of California has a 52 week low of $11.88 and a 52 week high of $18.08. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. The company’s fifty day moving average is $15.45 and its 200-day moving average is $15.42. The company has a market capitalization of $2.12 billion, a PE ratio of 23.81 and a beta of 1.18.

Banc of California (NYSE:BANC) last issued its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating the consensus estimate of $0.23 by $0.05. Banc of California had a net margin of 7.06% and a return on equity of 6.20%. Equities research analysts predict that Banc of California will post 1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BANC shares. Raymond James boosted their target price on shares of Banc of California from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, January 24th. Wells Fargo & Company upgraded shares of Banc of California from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $17.00 to $20.00 in a research report on Monday, January 6th. Stephens reduced their price target on shares of Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, January 27th. JPMorgan Chase & Co. initiated coverage on shares of Banc of California in a research report on Friday, February 7th. They set a “neutral” rating and a $18.00 price target on the stock. Finally, Barclays reduced their price target on shares of Banc of California from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, January 24th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.18.

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.