Banc of California, Inc. (NYSE:BANC) Announces $0.12 Quarterly Dividend

Key Points

• Banc of California declared a quarterly dividend of $0.12 per share, payable on July 1 to shareholders of record on June 15. The dividend implies an annualized yield of about 2.5%.
• The bank’s dividend appears well covered, with a 29.1% payout ratio and analysts expecting it to earn enough to support the annual dividend going forward.
• The stock fell 0.6% to $19.05 on the day of the announcement, while analysts maintained a generally positive outlook with a consensus Buy rating and target price of $21.83.

Banc of California, Inc. (NYSE:BANC - Get Free Report) announced a quarterly dividend on Friday, May 8th. Stockholders of record on Monday, June 15th will be given a dividend of 0.12 per share by the bank on Wednesday, July 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, June 15th.

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 dividend payout ratio of 29.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Banc of California to earn $2.10 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 22.9%.

Banc of California Trading Down 0.6%

Shares of Banc of California stock traded down $0.12 during trading on Friday, reaching $19.05. 3,187,956 shares of the stock were exchanged, compared to its average volume of 2,928,380. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31. The stock's fifty day moving average is $18.00 and its 200 day moving average is $18.67. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of 14.55 and a beta of 0.75. Banc of California has a 1 year low of $13.24 and a 1 year high of $21.61.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The bank reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The company had revenue of $286.95 million during the quarter, compared to analyst estimates of $291.28 million. Banc of California had a net margin of 13.58% and a return on equity of 9.25%. Banc of California's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. As a group, equities research analysts expect that Banc of California will post 1.72 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Banc of California in a report on Wednesday, January 21st. Keefe, Bruyette & Woods increased their price target on shares of Banc of California from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Friday, January 23rd. DA Davidson reissued a "buy" rating and issued a $24.00 price target on shares of Banc of California in a research note on Tuesday, April 28th. Wall Street Zen raised shares of Banc of California from a "sell" rating to a "hold" rating in a research note on Saturday, January 10th. Finally, Barclays decreased their price target on shares of Banc of California from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $21.83.

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.

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