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

Key Points

• Banc of California, Inc. announced a quarterly dividend of $0.10 per share, with a yield of 2.7%, payable on October 1st to shareholders of record on September 15th.
• The bank has a dividend payout ratio of 24.2%, indicating that earnings sufficiently cover its dividend obligations.
• Banc of California reported an earnings per share (EPS) of $0.31 for the last quarter, surpassing analysts' expectations of $0.28, with a net margin of 8.30%.

Banc of California, Inc. (NYSE:BANC - Get Free Report) announced a quarterly dividend on Friday, August 8th, RTT News reports. Stockholders of record on Monday, September 15th will be paid a dividend of 0.10 per share by the bank on Wednesday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.8%.

Banc of California has a dividend payout ratio of 24.2% meaning its dividend is sufficiently covered by earnings. Equities research 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 Trading Up 0.9%

Shares of NYSE:BANC traded up $0.13 during midday trading on Friday, reaching $14.55. The company's stock had a trading volume of 1,151,887 shares, compared to its average volume of 2,695,097. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 22.38 and a beta of 0.69. The business has a 50 day moving average price of $14.36 and a 200 day moving average price of $14.29. Banc of California has a 1 year low of $11.52 and a 1 year high of $18.08.

Banc of California (NYSE:BANC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.03. Banc of California had a return on equity of 7.37% and a net margin of 8.30%. The firm had revenue of $272.85 million during the quarter, compared to the consensus estimate of $278.43 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts forecast that Banc of California will post 1.31 EPS for the current year.

Insider Buying and Selling at Banc of California

In other news, Director Richard J. Lashley sold 37,500 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $14.20, for a total transaction of $532,500.00. Following the completion of the transaction, the director owned 2,280,280 shares of the company's stock, valued at approximately $32,379,976. The trade was a 1.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Olivia I. Lindsay sold 11,000 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $13.58, for a total transaction of $149,380.00. Following the transaction, the insider directly owned 30,902 shares of the company's stock, valued at $419,649.16. The trade was a 26.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,000 shares of company stock valued at $1,208,000. Corporate insiders own 2.69% of the company's stock.

Hedge Funds Weigh In On Banc of California

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its position in Banc of California by 274.6% during the 4th quarter. Wellington Management Group LLP now owns 5,393,076 shares of the bank's stock worth $83,377,000 after acquiring an additional 3,953,380 shares during the period. Millennium Management LLC lifted its holdings in Banc of California by 2,119.0% in the fourth quarter. Millennium Management LLC now owns 2,876,914 shares of the bank's stock worth $44,477,000 after purchasing an additional 2,747,262 shares during the period. Invesco Ltd. lifted its holdings in Banc of California by 127.4% in the first quarter. Invesco Ltd. now owns 4,453,245 shares of the bank's stock worth $63,192,000 after purchasing an additional 2,495,043 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Banc of California by 18.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 12,942,131 shares of the bank's stock worth $183,649,000 after purchasing an additional 2,029,119 shares during the period. Finally, Algert Global LLC lifted its holdings in Banc of California by 701.9% in the fourth quarter. Algert Global LLC now owns 952,674 shares of the bank's stock worth $14,728,000 after purchasing an additional 833,874 shares during the period. 86.88% of the stock is currently owned by institutional investors and hedge funds.

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.