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

Banc of California, Inc. (NYSE:BANC - Get Free Report) declared a quarterly dividend on Friday, November 8th,Zacks Dividends reports. Investors 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 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend 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 payout ratio of 30.8% indicating that its dividend is sufficiently covered by earnings. 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%.

Banc of California Trading Up 1.0 %

BANC traded up $0.16 during mid-day trading on Friday, hitting $16.31. The stock had a trading volume of 2,554,962 shares, compared to its average volume of 2,541,043. The stock's fifty day simple moving average is $14.76 and its 200-day simple moving average is $14.02. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -3.82 and a beta of 1.13. Banc of California has a 1-year low of $11.10 and a 1-year high of $16.92. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.89 and a quick ratio of 0.89.

Banc of California (NYSE:BANC - Get Free Report) last posted its earnings results on Tuesday, October 22nd. The bank reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.11. Banc of California had a positive return on equity of 2.93% and a negative net margin of 20.75%. The firm had revenue of $431.44 million for the quarter, compared to analyst estimates of $229.46 million. During the same period in the previous year, the company posted $0.30 earnings per share. As a group, research analysts forecast that Banc of California will post 0.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BANC. Raymond James upped their price target on shares of Banc of California from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Truist Financial increased their target price on Banc of California from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, September 20th. Barclays upgraded Banc of California from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $17.00 to $18.00 in a report on Thursday, October 31st. Wells Fargo & Company lifted their target price on Banc of California from $16.00 to $17.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 23rd. Finally, Stephens upped their price target on Banc of California from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $17.30.

Insiders Place Their Bets

In other news, Director Richard J. Lashley sold 75,000 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the transaction, the director now directly owns 719,826 shares of the company's stock, valued at $10,077,564. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.37% of the company's stock.

Banc of California Company Profile

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.