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

Banc of California, Inc. (NYSE:BANC - Get Free Report) 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 2.45%. The ex-dividend date of this dividend is Friday, March 14th.

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. Analysts expect Banc of California to earn $1.64 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 24.4%.

Banc of California Trading Up 1.1 %

Shares of NYSE:BANC traded up $0.18 during trading on Tuesday, reaching $16.33. 313,564 shares of the stock were exchanged, compared to its average volume of 1,797,650. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.89 and a current ratio of 0.90. Banc of California has a 12-month low of $11.88 and a 12-month high of $18.08. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 29.15 and a beta of 1.14. The firm's 50-day moving average price is $16.01 and its 200 day moving average price is $15.23.

Banc of California (NYSE:BANC - Get Free Report) last issued its earnings results on Thursday, January 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping 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, sell-side analysts anticipate that Banc of California will post 1.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BANC shares. Raymond James upped their price target 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 decreased their price target on Banc of California from $18.00 to $17.00 and set an "equal weight" rating for the company in a report on Monday, January 27th. 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. JPMorgan Chase & Co. started coverage on Banc of California in a report on Friday. They issued a "neutral" rating and a $18.00 price target for the company. Finally, Barclays decreased their price target on Banc of California from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Friday, January 24th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.