Banc of California, Inc. (NYSE:BANC) Shares to Pay Quarterly Dividend of $0.12

Banc of California, Inc. (NYSE:BANC) announced 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 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, December 15th.

Banc of California has increased its dividend by an average of 0.1% annually over the last three years. Banc of California has a payout ratio of 29.1% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

Banc of California stock opened at $17.98 on Friday. Banc of California has a 1 year low of $16.12 and a 1 year high of $21.93. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of -52.90 and a beta of 0.74. The firm has a 50-day moving average of $17.97 and a two-hundred day moving average of $18.90. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.87 and a quick ratio of 0.85.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Weiss Ratings cut shares of Banc of California from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. UBS Group initiated coverage on shares of Banc of California in a report on Monday, September 14th. They set a “neutral” rating and a $20.00 price objective on the stock. Wall Street Zen raised Banc of California from a “strong sell” rating to a “sell” rating in a research note on Sunday, September 27th. Wells Fargo & Company reduced their price target on shares of Banc of California from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. 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 assigned a Hold rating to the stock. Based on data from MarketBeat, Banc of California has an average rating of “Moderate Buy” and an average price target of $22.50.

About Banc of California

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.