Banc of California Inc (NYSE:BANC) declared a quarterly dividend on Wednesday, August 15th, Zacks reports. Shareholders of record on Friday, September 14th will be given a dividend of 0.13 per share by the bank on Monday, October 1st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend is Thursday, September 13th.
Banc of California has raised its dividend by an average of 2.7% annually over the last three years. Banc of California has a dividend payout ratio of 72.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Banc of California to earn $1.18 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 44.1%.
NYSE BANC opened at $20.05 on Friday. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 24.45, a P/E/G ratio of 2.23 and a beta of 0.75. Banc of California has a fifty-two week low of $17.10 and a fifty-two week high of $23.40. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.75.
Banc of California (NYSE:BANC) last released its quarterly earnings data on Thursday, July 26th. The bank reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.04). The company had revenue of $80.83 million for the quarter, compared to analysts’ expectations of $79.67 million. Banc of California had a net margin of 11.74% and a return on equity of 8.25%. During the same quarter in the previous year, the business posted $0.20 EPS. analysts forecast that Banc of California will post 0.72 EPS for the current year.
In related news, Director W Kirk Wycoff sold 274,700 shares of Banc of California stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $19.95, for a total value of $5,480,265.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 640,656 shares of company stock valued at $12,808,384. 18.08% of the stock is owned by company insiders.
A number of equities analysts have weighed in on the company. Zacks Investment Research upgraded Banc of California from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Monday, July 16th. ValuEngine upgraded Banc of California from a “hold” rating to a “buy” rating in a research note on Friday, August 10th. Finally, B. Riley cut their price target on Banc of California from $20.00 to $19.00 and set a “neutral” rating for the company in a research note on Tuesday, June 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $21.60.
Banc of California Company Profile
Banc of California, Inc operates as the bank holding company for Banc of California, National Association that provides banking products and services in the United States. The company's deposits consist of checking, savings, money market, retirement, and interest and non-interest bearing demand accounts, as well as certificates of deposit; and commercial and consumer loan products include commercial and industrial loans, commercial real estate loans, multi-family loans, small business administration (SBA) guaranteed business loans, construction and renovation loans, single family residential mortgage loans, warehouse loans, asset-insurance-or security backed loans, home equity lines of credit, consumer and business lines of credit, home equity loans, and other consumer loans.
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