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

Key Points

• Banc of California declared a quarterly dividend of $0.12 per share, payable January 4 to shareholders of record December 15. That equates to $0.48 annually and a 2.7% yield.
• The dividend appears well covered: its current payout ratio is 29.1%, and analysts expect next year’s earnings to imply a payout ratio of 23.1%.
• The bank earned $0.46 per share in its latest quarter, slightly above estimates, while revenue of $303.07 million fell short of expectations. Analysts’ consensus rating is “Moderate Buy,” with a $22.50 price target.

Banc of California, Inc. (NYSE:BANC - Get Free Report) declared a quarterly dividend on Friday, November 6th. Investors of record on Tuesday, December 15th will be given a dividend of $0.12 per share by the bank on Monday, January 4th. This represents a $0.48 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, December 15th.

Banc of California has raised its dividend payment by an average of 0.1% per year over the last three years. Banc of California has a dividend payout ratio of 29.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Banc of California to earn $2.08 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 23.1%.

Banc of California Stock Up 0.1%

BANC stock traded up $0.03 during trading on Friday, reaching $17.98. 1,427,686 shares of the stock were exchanged, compared to its average volume of 2,831,434. The firm's 50 day moving average is $17.99 and its 200 day moving average is $18.91. The firm has a market cap of $2.85 billion, a P/E ratio of -52.90 and a beta of 0.74. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 0.20. Banc of California has a twelve month low of $16.12 and a twelve month high of $21.93.

Banc of California (NYSE:BANC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The bank reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.01. The firm had revenue of $303.07 million during the quarter, compared to analysts' expectations of $306.27 million. Banc of California had a positive return on equity of 8.51% and a negative net margin of 0.58%. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, research analysts forecast that Banc of California will post 1.70 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BANC. Wells Fargo & Company reduced their price target on shares of Banc of California from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Wednesday, September 30th. Barclays boosted their price target on shares of Banc of California from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, October 5th. Piper Sandler lowered their price objective on shares of Banc of California from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, October 1st. Weiss Ratings lowered shares of Banc of California from a "hold (c+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Finally, Brean Capital cut shares of Banc of California from a "buy" rating to a "neutral" rating in a report on Thursday, July 30th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Banc of California Company Profile

Banc of California, Inc is a bank holding company whose principal subsidiary, Banc of California, N.A., provides banking and financial services to businesses, professionals, nonprofit organizations and individuals. The bank operates as a full-service commercial bank, offering deposit accounts, commercial and consumer loans, home lending, treasury management, cash-management services and online and mobile banking.

The company primarily serves customers throughout California, with operations and relationships extending into select western markets.

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