Banc of California, Inc. (BANC) Announces $0.13 Quarterly Dividend

Banc of California, Inc. (NYSE:BANC) announced a quarterly dividend on Monday, November 20th, Wall Street Journal reports. Shareholders of record on Friday, December 15th will be paid a dividend of 0.13 per share by the bank on Tuesday, January 2nd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Thursday, December 14th.

Banc of California has a dividend payout ratio of 59.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Banc of California to earn $1.10 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 47.3%.

Banc of California (BANC) remained flat at $$20.55 during mid-day trading on Monday. The stock had a trading volume of 336,500 shares, compared to its average volume of 1,107,776. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.91 and a current ratio of 0.91. Banc of California has a 52-week low of $14.30 and a 52-week high of $23.25. The firm has a market cap of $1,038.52, a price-to-earnings ratio of 16.31, a PEG ratio of 1.89 and a beta of 0.95.

Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, October 26th. The bank reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.04. Banc of California had a net margin of 15.48% and a return on equity of 11.78%. The business had revenue of $93.40 million for the quarter, compared to analysts’ expectations of $84.24 million. During the same quarter last year, the company earned $0.59 EPS. sell-side analysts predict that Banc of California will post 0.88 earnings per share for the current year.

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In other news, CEO Douglas H. Bowers acquired 57,000 shares of Banc of California stock in a transaction on Thursday, September 7th. The stock was bought at an average cost of $17.56 per share, with a total value of $1,000,920.00. Following the completion of the purchase, the chief executive officer now owns 92,000 shares of the company’s stock, valued at $1,615,520. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 30,000 shares of company stock valued at $14,000 over the last ninety days. Insiders own 16.89% of the company’s stock.

BANC has been the subject of a number of recent analyst reports. BidaskClub upgraded shares of Banc of California from a “sell” rating to a “hold” rating in a research report on Wednesday, November 1st. Zacks Investment Research lowered shares of Banc of California from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Keefe, Bruyette & Woods set a $20.00 target price on shares of Banc of California and gave the company a “hold” rating in a research report on Monday, August 28th. Finally, ValuEngine upgraded shares of Banc of California from a “hold” rating to a “buy” rating in a research report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $22.67.

About Banc of California

Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.

Dividend History for Banc of California (NYSE:BANC)

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