Banc of California, Inc. Declares Quarterly Dividend

Banc of California, Inc. (NYSE:BANC) announced on Friday, November 8th, the issuance of a quarterly dividend. Shareholders who are on record as of Monday, December 16th, will receive a dividend of $0.10 per share. This payment will be made on Thursday, January 2nd. The dividend translates to an annualized rate of $0.40 per share, giving a yield of 2.45%. Notably, the ex-dividend date is also Monday, December 16th.

Banc of California has a history of increasing its dividend payments, having raised them by an average of 18.6% each year for the past three years. The company's current dividend payout ratio stands at 30.8%, indicating that dividends are well-supported by its earnings. Analysts project the bank will earn approximately $1.33 per share next year, which supports the continuation of its annual dividend at the current rate, expecting a future payout ratio of 30.1%.

Banc of California Share Performance

On the trading day following the announcement, shares of Banc of California increased by 1.0%, reaching a price of $16.31. The trading volume for the session was 2,554,962 shares, slightly above the average volume of 2,541,043 shares. The company's stock has experienced a 52-week range with a low of $11.10 and a high of $16.92. Its 50-day and 200-day moving averages are $14.76 and $14.02, respectively. Banc of California's quick ratio and current ratio are both at 0.89, and the debt-to-equity ratio is 0.31.

Banc of California's most recent quarterly earnings report was released on October 22nd, where the bank reported earnings of $0.25 per share, surpassing analysts' consensus estimate of $0.14 by $0.11. The revenue for that quarter was reported as $431.44 million, which outperformed expected revenues of $229.46 million. The company recorded a negative net margin of 20.75% alongside a positive return on equity of 2.93%. Last year, during the same quarter, the earnings per share were $0.30. Currently, analysts anticipate Banc of California to post around $0.71 EPS for the ongoing fiscal year.

Insider Activity at Banc of California

In related developments, Director Richard J. Lashley sold 75,000 shares of the company's stock on September 4th for an average price of $14.00 per share, totaling $1,050,000. Following this transaction, the director retains ownership of approximately 719,826 shares valued at about $10,077,564. Insider ownership currently constitutes 7.37% of the total shares outstanding.

Analysts' Ratings and Price Targets

Recent reports from various brokerages have provided insights on Banc of California’s stock. Wedbush raised its price target from $18.00 to $19.00 and assigned an "outperform" rating. Similarly, Raymond James increased their target from $16.00 to $17.00 while maintaining an "outperform" rating. Wells Fargo also raised their target, moving to an "equal weight" rating from $16.00 to $17.00. Barclays upgraded their stance from "equal weight" to "overweight" with a target increase from $17.00 to $18.00. Moreover, Stephens raised its price target from $15.00 to $16.00 and kept an "equal weight" rating. An overall review of the stock shows a mix of ratings, with one analyst suggesting a sell, four hold ratings, and six buy ratings. The consensus rating stands at "Hold" with a target price around $17.30.

Overview of Banc of California

Banc of California, Inc. serves as the bank holding company offering a variety of banking services in California. These services range from deposit products including checking and savings accounts, to loans and safe deposit box services.

Banc, Dividend, Stocks