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

Banc of California, Inc. (NYSE:BANC) declared a quarterly dividend on Friday, February 7th,RTT News reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.10 per share by the bank on Tuesday, April 1st. This represents a $0.40 annualized dividend and a yield of 2.42%.

Banc of California has increased its dividend by an average of 18.6% per year over the last three years. Banc of California has a dividend payout ratio of 24.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Banc of California to earn $1.69 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 23.7%.

Banc of California Stock Up 0.1 %

BANC opened at $16.52 on Friday. The business has a 50 day simple moving average of $16.05 and a 200-day simple moving average of $15.17. Banc of California has a 12 month low of $11.88 and a 12 month high of $18.08. The stock has a market capitalization of $2.62 billion, a P/E ratio of 29.51 and a beta of 1.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89.

Banc of California (NYSE:BANC) last released its earnings results on Thursday, January 23rd. The bank reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Banc of California had a return on equity of 6.20% and a net margin of 7.06%. On average, equities analysts anticipate that Banc of California will post 1.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Citigroup initiated coverage on shares of Banc of California in a report on Thursday, October 10th. They set a “neutral” rating and a $15.00 price objective on the stock. DA Davidson upped their price target on Banc of California from $16.50 to $19.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Raymond James lifted their price objective on Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, January 24th. Stephens lowered their target price on Banc of California from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, January 27th. Finally, StockNews.com upgraded Banc of California from a “sell” rating to a “hold” rating in a research report on Friday, January 24th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $18.20.

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.