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

Banc of California, Inc. (NYSE:BANC) declared 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 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Monday, December 16th.

Banc of California has increased its dividend by an average of 18.6% annually over the last three years. Banc of California has a dividend 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 opened at $16.72 on Friday. Banc of California has a 1 year low of $11.88 and a 1 year high of $18.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50 day simple moving average of $15.98 and a 200-day simple moving average of $14.46. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -3.92 and a beta of 1.14.

Banc of California (NYSE:BANC) last announced its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.11. The business had revenue of $431.44 million during the quarter, compared to analyst estimates of $229.46 million. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. During the same quarter in the previous year, the business earned $0.30 earnings per share. Equities analysts forecast that Banc of California will post 0.7 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on BANC. DA Davidson upped their price objective on Banc of California from $16.50 to $19.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price target on shares of Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial raised 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 note on Friday, September 20th. Citigroup started coverage on shares of Banc of California in a research report on Thursday, October 10th. They issued a “neutral” rating and a $15.00 price objective for the company. Finally, Raymond James upped 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 note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.80.

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.