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.
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