Banc of California, Inc. (BANC) to Issue Quarterly Dividend of $0.13 on October 2nd
Banc of California, Inc. (NYSE:BANC) announced a quarterly dividend on Monday, August 21st, Wall Street Journal reports. Stockholders of record on Friday, September 15th will be given a dividend of 0.13 per share by the bank on Monday, October 2nd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date is Thursday, September 14th.
Banc of California has a payout ratio of 64.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Banc of California to earn $1.24 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 41.9%.
Shares of Banc of California (BANC) opened at 17.15 on Friday. The stock has a 50 day moving average of $19.32 and a 200-day moving average of $20.50. The company has a market capitalization of $820.56 million, a price-to-earnings ratio of 11.47 and a beta of 0.97. Banc of California has a 1-year low of $10.93 and a 1-year high of $23.25.
Banc of California (NYSE:BANC) last issued its earnings results on Wednesday, July 26th. The bank reported $0.20 EPS for the quarter, missing the consensus estimate of $0.24 by $0.04. Banc of California had a return on equity of 14.44% and a net margin of 17.12%. The firm had revenue of $81.21 million during the quarter, compared to analysts’ expectations of $97.94 million. During the same period in the previous year, the firm earned $0.46 earnings per share. Analysts forecast that Banc of California will post $0.77 earnings per share for the current year.
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Several analysts recently weighed in on the stock. BidaskClub cut shares of Banc of California from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Zacks Investment Research cut shares of Banc of California from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Keefe, Bruyette & Woods set a $20.00 price target on shares of Banc of California and gave the company a “hold” rating in a report on Monday, August 28th. Finally, ValuEngine cut shares of Banc of California from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $22.00.
Banc of California Company Profile
Banc of California, Inc is a financial holding company. The Company is the parent of Banc of California, National Association (the Bank). The Company operates through Commercial Banking; Mortgage Banking, and Corporate/Other segments. As of December 31, 2016, the Bank had 90 California banking locations, including 39 full service branches in San Diego, Orange, Santa Barbara, and Los Angeles Counties.
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