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 October 1 to shareholders of record on September 15. The payment represents a $0.48 annualized dividend and an approximately 2.6% yield.
• The dividend appears supported by earnings, with a current payout ratio of 29.1% and an expected future payout ratio of 22.3%. Analysts forecast $2.15 in earnings per share next year.
• The bank reported a significant quarterly earnings miss, posting a loss of $1.61 per share versus the $0.40 consensus estimate, while revenue fell 94% year over year to $16.41 million. Shares declined 1.5% to $18.72 during Friday trading.

Banc of California, Inc. (NYSE:BANC - Get Free Report) announced a quarterly dividend on Friday, August 7th. Stockholders of record on Tuesday, September 15th will be paid a dividend of 0.12 per share by the bank on Thursday, October 1st. This represents a c) annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th.

Banc of California has raised 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 $2.15 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 22.3%.

Banc of California Trading Down 1.5%

Shares of NYSE:BANC traded down $0.28 during trading on Friday, reaching $18.72. The company's stock had a trading volume of 2,076,243 shares, compared to its average volume of 3,038,393. The stock has a market capitalization of $2.89 billion, a PE ratio of -44.58 and a beta of 0.74. Banc of California has a 12 month low of $14.35 and a 12 month high of $21.93. The company has a current ratio of 0.89, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The firm's 50 day simple moving average is $20.14 and its two-hundred day simple moving average is $19.25.

Banc of California (NYSE:BANC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported ($1.61) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($2.01). The company had revenue of $16.41 million for the quarter, compared to the consensus estimate of $295.32 million. Banc of California had a positive return on equity of 7.98% and a negative net margin of 1.44%.The company's revenue was down 94.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.31 earnings per share. On average, research analysts predict that Banc of California will post 1.68 EPS for the current fiscal year.

Insider Activity at Banc of California

In other news, insider Olivia I. Lindsay sold 6,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $19.50, for a total value of $117,000.00. Following the sale, the insider directly owned 32,842 shares in the company, valued at approximately $640,419. This represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.78% of the company's stock.

Hedge Funds Weigh In On Banc of California

Several hedge funds have recently bought and sold shares of BANC. Triumph Capital Management bought a new stake in shares of Banc of California during the third quarter worth $25,000. Navalign LLC bought a new position in shares of Banc of California in the fourth quarter worth about $27,000. Western Wealth Management LLC purchased a new position in Banc of California in the 1st quarter worth about $29,000. Orion Capital Management LLC purchased a new position in Banc of California in the 4th quarter worth about $35,000. Finally, Advisory Services Network LLC bought a new stake in Banc of California during the 3rd quarter valued at about $36,000. Institutional investors own 86.88% of the company's stock.

About Banc of California

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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