Banc of California, Inc. (BANC) To Go Ex-Dividend on March 16th

Banc of California, Inc. (NYSE:BANC) announced a quarterly dividend on Thursday, February 5th. Shareholders of record on Monday, March 16th will be paid a dividend of 0.12 per share by the bank on Wednesday, April 1st. This represents a c) annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Monday, March 16th. This is a 20.0% increase from Banc of California’s previous quarterly dividend of $0.10.

Banc of California has raised its dividend payment by an average of 0.1%per year 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. Equities 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

BANC opened at $20.85 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $19.89 and its 200-day moving average is $17.67. The stock has a market cap of $3.15 billion, a PE ratio of 17.67 and a beta of 0.72. Banc of California has a twelve month low of $11.52 and a twelve month high of $21.61.

Banc of California (NYSE:BANC) last issued its quarterly earnings data on Wednesday, January 21st. The bank reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. The business had revenue of $292.93 million during the quarter, compared to analyst estimates of $288.41 million. Banc of California had a return on equity of 8.66% and a net margin of 12.59%.During the same period in the prior year, the company posted $0.28 EPS. On average, analysts predict that Banc of California will post 1.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BANC shares. Weiss Ratings reissued a “hold (c)” rating on shares of Banc of California in a report on Wednesday, January 21st. Keefe, Bruyette & Woods increased their target price on shares of Banc of California from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Citigroup upgraded shares of Banc of California from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $18.00 to $21.50 in a research report on Monday, October 27th. Piper Sandler upped their price target on shares of Banc of California from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Banc of California from $21.00 to $24.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Banc of California has an average rating of “Moderate Buy” and an average target price of $20.86.

Banc of California Company Profile

Banc of California, N.A. is a full-service commercial bank headquartered in Santa Ana, California, offering a broad spectrum of banking products and services to corporate and individual customers. The bank focuses on serving middle-market businesses, professional service firms, real estate investors and developers, and entrepreneurs throughout California. Its core offerings include deposit accounts, treasury management services, commercial real estate lending, equipment finance, lines of credit and Small Business Administration lending, complemented by cash management and online banking solutions.

Operating a network of branches and lending offices concentrated in both Southern and Northern California, Banc of California seeks to support local businesses and communities with personalized service and regional expertise.