Banc of California, Inc. (NYSE:BANC - Get Free Report) declared a quarterly dividend on Friday, November 8th,Zacks Dividends reports. Shareholders of record on Monday, December 16th will be paid a dividend of 0.10 per share by the bank on Thursday, January 2nd. This represents a $0.40 annualized dividend and a yield of 2.45%. The ex-dividend date is Monday, December 16th.
Banc of California has increased its dividend payment by an average of 18.6% per year over the last three years. Banc of California has a dividend payout ratio of 30.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Banc of California to earn $1.33 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 30.1%.
Shares of BANC stock traded up $0.16 during trading hours on Friday, hitting $16.31. The company's stock had a trading volume of 2,554,962 shares, compared to its average volume of 2,541,043. The business has a fifty day moving average of $14.76 and a 200-day moving average of $14.02. Banc of California has a twelve month low of $11.10 and a twelve month high of $16.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.31.
Banc of California (NYSE:BANC - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.25 EPS for the quarter, beating the consensus estimate of $0.14 by $0.11. The business had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. Banc of California had a negative net margin of 20.75% and a positive return on equity of 2.93%. During the same period in the prior year, the business earned $0.30 earnings per share. On average, equities analysts expect that Banc of California will post 0.71 EPS for the current fiscal year.
In related news, Director Richard J. Lashley sold 75,000 shares of the firm's stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the director now directly owns 719,826 shares of the company's stock, valued at approximately $10,077,564. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.37% of the company's stock.
Several brokerages recently issued reports on BANC. Wedbush upped their price objective on shares of Banc of California from $18.00 to $19.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Raymond James upped their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Wells Fargo & Company upped their price objective on shares of Banc of California from $16.00 to $17.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. Barclays raised shares of Banc of California from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $17.00 to $18.00 in a research note on Thursday, October 31st. Finally, Stephens increased their price target on shares of Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $17.30.
View Our Latest Analysis on BANC
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.
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