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

Banc of California, Inc. (NYSE:BANC) announced a quarterly dividend on Friday, February 7th, RTT News reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.10 per share by the bank on Tuesday, April 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Friday, March 14th.

Banc of California has raised its dividend by an average of 18.6% annually over the last three years. Banc of California has a dividend payout ratio of 24.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Banc of California to earn $1.65 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 24.2%.

Banc of California Stock Performance

Shares of BANC stock opened at $13.33 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market cap of $2.12 billion, a PE ratio of 23.81 and a beta of 1.18. The stock has a 50-day moving average of $15.45 and a 200-day moving average of $15.42. Banc of California has a one year low of $11.88 and a one year high of $18.08.

Banc of California (NYSE:BANC) last announced its quarterly 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%. As a group, sell-side analysts expect that Banc of California will post 1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

BANC has been the subject of a number of research reports. Wells Fargo & Company raised Banc of California from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $17.00 to $20.00 in a research note on Monday, January 6th. Raymond James increased their target price on Banc of California from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note 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 for the company in a research note on Monday, January 27th. JPMorgan Chase & Co. started coverage on Banc of California in a research note on Friday, February 7th. They set a “neutral” rating and a $18.00 target price for the company. Finally, Keefe, Bruyette & Woods upped their price target on Banc of California from $17.50 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.18.

About Banc of California

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.