Banc of California, Inc. (BANC) to Issue Quarterly Dividend of $0.12 on April 1st

Banc of California, Inc. (NYSE:BANC) declared a quarterly dividend on Thursday, February 5th. Investors of record on Monday, March 16th will be paid a dividend of 0.12 per share by the bank on Wednesday, April 1st. This represents a c) annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, March 16th. This is a 20.0% increase from Banc of California’s previous quarterly dividend of $0.10.

Banc of California has increased its dividend payment by an average of 0.1%annually over the last three years. Banc of California has a payout ratio of 29.1% indicating that its dividend is sufficiently covered by earnings. Equities 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 $0.48 annual dividend with an expected future payout ratio of 29.1%.

Banc of California Stock Down 0.1%

Shares of BANC opened at $16.78 on Friday. The stock’s 50-day moving average price is $19.60 and its two-hundred day moving average price is $18.32. Banc of California has a 12 month low of $11.52 and a 12 month high of $21.61. The company has a market capitalization of $2.54 billion, a PE ratio of 14.22 and a beta of 0.72. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31.

Banc of California (NYSE:BANC) last issued its quarterly earnings results on Wednesday, January 21st. The bank reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.05. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.The company had revenue of $292.93 million during the quarter, compared to analysts’ expectations of $288.41 million. During the same quarter in the prior year, the firm posted $0.28 earnings per share. On average, analysts anticipate that Banc of California will post 1.31 EPS for the current year.

Wall Street Analyst Weigh In

BANC has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a research report on Wednesday, January 21st. JPMorgan Chase & Co. upped their target price on Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. Piper Sandler upped their target price on shares of Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Keefe, Bruyette & Woods upped their price objective on shares of Banc of California from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Finally, Wall Street Zen upgraded Banc of California from a “sell” rating to a “hold” rating in a report on Saturday, January 10th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.86.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.