Banc of California Inc (NYSE:BANC) Plans Quarterly Dividend of $0.06

Banc of California Inc (NYSE:BANC) declared a quarterly dividend on Thursday, August 15th, Zacks reports. Stockholders of record on Monday, September 16th will be given a dividend of 0.06 per share by the bank on Tuesday, October 1st. This represents a $0.24 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Friday, 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 34.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Banc of California to earn $0.86 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 27.9%.

Shares of Banc of California stock traded down $0.62 during trading on Wednesday, hitting $14.52. The company’s stock had a trading volume of 64,852 shares, compared to its average volume of 227,916. The stock has a market cap of $775.40 million, a price-to-earnings ratio of 29.59, a price-to-earnings-growth ratio of 1.69 and a beta of 1.34. Banc of California has a 52 week low of $12.22 and a 52 week high of $20.08. The stock has a 50-day moving average price of $14.71 and a two-hundred day moving average price of $14.42. The company has a debt-to-equity ratio of 2.76, a current ratio of 1.19 and a quick ratio of 1.09.

Banc of California (NYSE:BANC) last announced its earnings results on Thursday, July 25th. The bank reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.05. The business had revenue of $62.49 million during the quarter, compared to analyst estimates of $73.09 million. Banc of California had a return on equity of 7.94% and a net margin of 10.28%. During the same period last year, the company earned $0.16 EPS. On average, equities analysts predict that Banc of California will post 0.82 EPS for the current fiscal year.

Several equities research analysts have recently weighed in on BANC shares. Sandler O’Neill cut Banc of California from a “buy” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research raised Banc of California from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $17.75.

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 offers deposit products, including checking, savings, money market, retirement, and interest and noninterest-bearing demand accounts, as well as certificates of deposits.

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Dividend History for Banc of California (NYSE:BANC)

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